Coins to Watch: Cardano, Solana and, XRP Showing Promising Setups

Cardano (ADA): Horizontal Zone Breakout

Cardano has been unfolding within a clear Elliott Wave structure. The hourly chart suggests the completion of wave (iv) near $1.078 (0.236 Fibbonacci retracement) on Jan. 05. A strong push upward in wave (v) attempted to break the $1 barrier but with no avail as it found strong resistance at the horizontal zone.

After a pullback, the price is once again in this zone below $1. The Relative Strength Index (RSI) confirms renewed momentum after consolidating in oversold conditions, signaling the potential for further gains in the ongoing impulsive move.

Setup:

ADA has reclaimed the $1.10-$1.13 range, aligning with key Fibonacci levels. A breakout above this zone could confirm the extension of wave (5), targeting higher Fibonacci projections. Any pullback to the $1.011-$1.07 region may present reentry opportunities as long as the structure remains intact.

Outlook:

With wave (v) in progress, ADA could target $1.31 or higher, based on Fibonacci extensions. The RSI’s recovery supports this bullish outlook, making it a coin to watch for further gains. However, invalidation occurs if ADA falls below $1.011, signaling a deeper correction.

Solana (SOL): Symmetrical Triangle Poised for Breakout

Solana has been consolidating after an impressive rally from $175 to $294. The hourly chart shows a symmetrical triangle formation, a continuation pattern that often precedes the next impulsive move. RSI has reset, suggesting the market is preparing for its next major swing.

Setup:

The triangle’s lower boundary near $246 acts as immediate support, while $264 marks resistance. A breakout in either direction will determine the short-term trajectory. Watch for confirmation with volume spikes and RSI divergences to assess the momentum.

Outlook:

SOL’s bullish continuation could push prices toward $310 and $340 if it breaks above $264. A breakdown, however, might see a retest of $231 before further recovery. This structure makes SOL an exciting prospect as traders await its decisive move.

XRP: Breakout from Bullish Continuation Pattern

XRP has emerged from a descending resistance trendline and formed an impulsive wave structure on the hourly chart. Wave (iv) correction appears complete, with price action poised to resume its upward trajectory in wave (v). Fibonacci levels and a strengthening RSI support this outlook.

Setup:

XRP is consolidating above $3.23, corresponding to the 0.382 Fibonacci retracement. A continuation of wave (v) is likely, targeting $3.68 based on Fibonacci extensions. The corrective pullback has found support near $3.07, keeping the bullish wave intact.

Outlook:

If XRP sustains momentum above $3.23, it could achieve significant targets at $3.91 and $4.22. The bullish wave count remains valid as long as price stays above $3.07. A decisive breakout above prior highs will reaffirm the long-term bullish trend.

With Cardano, Solana, and XRP exhibiting promising setups, these coins are worth monitoring for potential breakout opportunities. As market conditions evolve, the alignment of Fibonacci levels, Elliott Wave structures, and RSI readings make them key candidates for continued momentum in the coming days.