Pepe Coin price recovery has stalled at a crucial resistance level, where bulls need to flip to confirm more upside. This stall is likely happening as Ethereum price struggles to move above the resistance at $2,000. If Pepe price fails to pierce this resistance, and as whales continue selling, it is likely to crash and retest the YTD low.
Pepe Coin Price at Risk as Whales Dump Tokens
Pepe price is facing substantial selling pressure from large holders who are commonly known as whales. Data compiled by Santiment shows that the supply of Pepe tokens held by these investor stands at 148.7 trillion. That is a 41 trillion drop since these investors held 165 trillion token at its peak in February this year.
Pepe Whale
This increased selling likely explains why the token crashed by double digits from its highest level this year. Additional data indicates that the 90-day Mean Dollar Invested Age (MDIA) has been in a downtrend, suggesting increased selling.
Further, Pepe Coin price may be at risk now that Ethereum price has struggled to move to the psychological point at $2,000. Moving above $2,000 will be important for both ETH and meme coins in its ecosystem like Pepe and Shiba inu.
On the positive side, there are signs that the selling pressure is fading as the supply has held steady since April 24. Another positive for the Pepe Coin price is that the number of tokens on exchanges has dropped. It dropped from 255.81 trillion on Tuesday last week to the current 254.9 trillion. A drop in coin volume on exchanges is a positive sign, as it indicates that there is no significant buying pressure.
Pepe Exchange Balances
Pepe Price Technical Analysis: Stalls at Key Level
The chart below shows that the value of Pepe has been in a slow recovery after bottoming at $0.00000572 this month. This was a crucial level, as it formed a small double-bottom pattern with a neckline at $0.00000917.
A double bottom is widely seen as a highly popular bullish reversal pattern. A complete rebound is usually confirmed when the price rises above the neckline. There are signs that Pepe is struggling to move above this resistance, putting it a risk of a reversal.
In this case, a reversal would cause it to drop and retest the YTD low of $0.000005721, which is approximately 40% below the current level. A drop below the lowest level this year will validate a more dire Pepe forecast.
Pepe Coin Price
Fortunately, Pepe coin price could also stage an 87% surge if it clears the neckline of this double-bottom pattern. If this happens, it will likely surge to $0.00001712, the highest swing on May 28 last year.
XRP price opened trading at $2.25 on Thursday, March 19, with key derivatives trading signals leaning bullish ahead of the U.S. Federal Reserve’s rate decision. Can XRP price breach the $2.5 resistance in the upcoming trading sessions?
XRP Price Remains Below $2.30 as Investors Shift Focus to Low-Cap Altcoins
Ripple (XRP) was among the top-performing altcoins last week, driven by reports that the U.S. Securities and Exchange Commission (SEC) was considering classifying XRP as a commodity as part of its settlement talks with Ripple. The anticipation that this move could eliminate a significant regulatory hurdle for altcoin ETF approvals fueled a strong rally.
Investors flocked to XRP, alongside other top altcoins such as Litecoin (LTC), Cardano (ADA), and Hedera (HBAR), with ETF approval filling in progress, all of which posted double-digit gains before facing corrections this week.
However, this week, the momentum has shifted away from XRP as new ETF developments have emerged. Canary Capital’s filing for a SUI spot ETF—its sixth altcoin ETF filing —alongside Nasdaq’s Polkadot ETF application has spurred fresh investor interest. As a result, both DOT and SUI have experienced notable price surges.
A broader market analysis suggests that investors are rotating capital out of last week’s top gainers, including XRP, in pursuit of these emerging narratives.
This rotation has left Ripple price trading below the $2.30 mark on Thursday, with its trading volume declining alongside other major altcoins such as LTC, SOL, and ADA, all of which have seen increased selling pressure over the past 24 hours.
XRP Derivative Traders Take a Cautious but Optimistic Stance Ahead of US Fed Rate Decision
While XRP’s price has struggled to maintain momentum this week, investors have rotated capital into emerging altcoins like Polkadot (DOT) and SUI, driven by fresh ETF narratives. Despite the bearish sentiment in the spot market, derivatives trading data reveals a more optimistic outlook, with traders positioning themselves for potential upside ahead of the U.S. Federal Reserve’s rate decision.
Three vital derivative trading indices compiled by CoinGlass on Wednesday suggesting an imminent bullish reversal in XRP price momentum:
1. XRP Derivatives Volume Climbs 7.34% as Open Interest Rises
XRP derivatives trading volume has increased by 7.34%, reaching $5.05 billion, while open interest (OI)—the total value of active futures contracts—has edged up 1.85% to $3.19 billion. This signals growing market participation, with traders actively opening new positions in anticipation of heightened volatility. An uptick in OI typically reflects confidence in an impending price move.
2. Long/Short Ratio Indicates Bullish Leverage Bias
On leading exchanges, XRP traders are showing a strong inclination towards long positions. The long/short ratio on Binance XRP/USDT accounts stands at 2.394, meaning there are nearly 2.4 long positions for every short. Similarly, OKX’s long/short ratio is 2.01, reinforcing the bullish outlook. When traders disproportionately favor longs, it often suggests an expectation of upward price movement.
3. Sell-Side Liquidations Decline as Bulls Gain Control
XRP’s sell-side liquidations have notably decreased, suggesting that bearish pressure is easing. In contrast, buy-side liquidations have risen, indicating that leveraged traders are positioning for an upward price move. This shift reduces the risk of downside volatility and supports the case for a potential recovery rally.
XRP Market Outlook:
Despite short-term price consolidation below the $2.30 level, XRP derivatives traders appear to be positioning for a bullish breakout towards $2.50. With rising open interest, a positive long/short ratio, and reduced sell-side liquidations, XRP may be primed for an upward move—contingent on the broader market reaction to the Fed’s rate decision on Wednesday.
XRP Price Forecast: $2.50 Breakout Could Spur More Gains
XRP price forecast remains cautiously bullish as the price consolidates around $2.28, with technical indicators showing mixed signals ahead of a potential breakout. The Bollinger Bands (BB) midpoint at $2.33 remains a key resistance level, while the lower BB at $1.95 provides strong support. A decisive break above $2.33 could trigger momentum toward $2.50, where a breakout may fuel an extended rally.
XRP Price Forecast
The MACD indicator is flashing early signs of a bullish crossover, with the MACD line moving upward toward the signal line, suggesting waning bearish momentum. Additionally, the histogram bars are transitioning from red to green, reinforcing the potential for a bullish reversal. The previous 30% rally within four trading sessions, highlighted in the chart, sets a precedent for XRP’s ability to surge once a breakout occurs.
However, the recent 7.88% retracement over the last four sessions raises caution. A failure to reclaim $2.33 could see further declines, with $2.00 as the next major support. The trading volume of 609M during the recent pullback suggests some hesitation among buyers. If XRP can sustain momentum and break $2.50, it could target $2.70-$2.90 in the coming weeks. Conversely, rejection at resistance could trigger further downside consolidation.
Solana’s price has recently dropped below the $125 support level, causing concern among investors and market watchers. The drop comes amid large transactions involving wallets linked to FTX and Alameda Research.
These moves are believed to be related to the ongoing liquidation of assets for creditor repayments. The timing of these transactions has led to increased bearish sentiment around Solana, adding to its recent price struggles.
FTX and Alameda Research Transactions Contribute to Price Decline
On March 13, Solana price saw a sharp price pullback, falling by 5% on the day. This decline occurred after a major transfer of Solana tokens from Alameda Research. According to Arkham Intelligence, Alameda unstaked over $23 million worth of SOL, distributing the funds across 38 different addresses. This action followed earlier signs of a sell-off from FTX-linked wallets, fueling concerns about future pressure on the asset’s price.
ARKHAM ALERT: ALAMEDA ADDRESS JUST UNSTAKED $23M SOL TO 38 NEW ADDRESSES
An FTX/Alameda Staking address received $22.9M SOL from a staking address unlock and has just distributed these funds to 37 addresses that have previously received SOL from this address.
The market reaction to these movements was swift with holders becoming wary of the additional supply of SOL entering the market, fearing that further unstaking could lead to more downward price action.
Arkham Intelligence pointed out that these wallets have already distributed large amounts of SOL tokens to various addresses, which could increase the available supply on exchanges. This growing sell pressure has created caution among potential buyers.
Unstaking History of Solana Assets from FTX
FTX’s involvement with Solana goes beyond the March 12 transaction. Since November 2023, FTX and its trading arm, Alameda Research, have unstaked roughly 8 million SOL tokens, valued at nearly $1 billion. Many of these tokens have already been sold through major exchanges like Coinbase and Binance, contributing to the downward trend in Solana’s price.
The most notable of these events occurred in early March when FTX unlocked over 3 million SOL tokens, worth approximately $432 million.
Despite some positive momentum in the broader market at the time, Solana’s price remained subdued. This lag in performance compared to other altcoins, such as XRP and ADA, has further underscored the pressure placed on Solana by the ongoing liquidation of assets tied to FTX.
Potential for Continued SOL Price Weakness
As of now, SOL price is still under the influence of FTX’s ongoing liquidation process. Market participants are concerned about the 5.5 million SOL tokens, currently valued at around $693 million, that remain under the control of FTX and Alameda. These assets are still poised to be unstaked or sold, continuing the risk of additional downward pressure on Solana’s price.
Despite improving broader market conditions, such as the cooling inflation trend signaled by the latest U.S. CPI and PPI data, Solana’s potential for a price rebound appears limited.
As long as these assets remain in the hands of FTX and its affiliates, traders are hesitant to accumulate Solana, fearing further sell-offs. This overhang of potential selling may prevent Solana from regaining its upward momentum in the near term.
Solana Price Technical Outlook and Market Sentiment
From a technical perspective, Solana’s price action remains under pressure. After briefly reclaiming the $131 mark , the SOL price faced a quick reversal as bearish sentiment took hold. The Solana price has since dipped below the $125 support, which is now viewed as a critical level for future price action.
Technical analysis indicates that if Solana price fails to maintain support at these levels, further downside may be expected. Some analysts point to an Elliott Wave pattern suggesting a potential reversal at around $112.
As per crypto analysts CryptoUB, this level at $127 has seen multiple rejections, suggesting it could serve as a critical point for both long and short trading strategies. “Above = longs, Below = shorts,” the analyst stated, highlighting that the price consolidation on the 4-hour chart aligns with the daily level, presenting a strong case for a short position.
In addition to these technical observations, another market participant, CW8900, mentioned that there is a prominent sell wall around the $180 price point for Solana, but a solid buy wall at the current price range offers support.
This setup implies that if Solana price manages to break through the falling wedge pattern and surpass the $180 sell wall, it could potentially revisit its previous high. However, until these technical levels are tested and confirmed, the bearish pressure from ongoing FTX liquidations will likely continue to weigh on the price.
