Top Altcoins Price Forecast: Further declines loom for Ripple, Cardano, and Solana

• Following Thursday’s decline of nearly 7%, Ripple is consolidating around $1.25 on Tuesday.
• After losing roughly 21% in October and recording four consecutive weekly declines, Cardano continues to fall below $0.19.
• October’s roughly 20% fall has been followed by further losses for Solana, with mounting selling pressure pushing it towards a rising support trendline.

Last week’s $6.3 billion Binance hack has weighed on social sentiment, leaving leading altcoins, including Ripple (XRP), Cardano (ADA) and Solana (SOL), under pressure ahead of Tuesday’s US midterm elections. Selling is weighing on Ripple and Solana spot exchange-traded funds (ETFs), while increased open interest in Cardano futures points to a build-up of bearish positions. With selling pressure intensifying, the technical outlook for XRP, ADA and SOL remains tilted to the downside.

Selling pressure weighs on altcoins

Monday brought $529,510 in outflows from XRP ETFs as selling pressure continued this week. SOL ETFs, meanwhile, saw total outflows of $71.47 million last week, their fourth successive week of substantial redemptions by institutional investors. 

Positioning in Cardano derivatives, by contrast, has increased sharply. According to CoinGlass, open interest (OI) in ADA futures has climbed from 2.05 billion ADA on Sunday to 2.23 billion ADA, indicating fresh positions this week. However, rising OI alongside a falling spot price typically points to bearish positioning in anticipation of further losses. 

Ripple faces risk of a return to $1

Thursday’s 6% fall has given way to short-term consolidation, with Ripple trading at $1.2517 on Tuesday. The broader corrective bias nevertheless persists: XRP’s downtrend remains capped by an overhead trendline linking the highs of 23 September and 28 October, at $1.2881.

Both the 50-day exponential moving average (EMA), at $1.3365, and the 200-day EMA, at $1.3657, remain above XRP’s price. Immediate technical support comes from a trendline joining the lows of 21 August and 16 September near $1.2239. Together with the overhead trendline, this forms a descending triangle.

Should the price sustain a break beneath $1.2239, losses could extend towards the horizontal level of 1.0692, defined by the 5 June low.

At around 37, the Relative Strength Index (RSI) indicates subdued, rather than extreme, bearish momentum. The Moving Average Convergence Divergence (MACD) is also marginally negative, signalling continued downward pressure.

Any recovery would first encounter trendline resistance near $1.2881, before reaching the 50-day EMA at $1.3365 and the 200-day EMA at $1.3657. A more substantial rebound could meet a denser supply zone at the latter level.

Cardano’s decline brings oversold conditions into view

At $0.1877 at the time of writing on Tuesday, Cardano retains a bearish short-term bias. ADA continues to decline beneath its 50-day and 200-day EMAs, at roughly $0.2165 and $0.2352 respectively, as well as the former rising support trendline around $0.2024.

Although the daily RSI is nearing oversold territory at around 30, its downward slope indicates that selling pressure lingers. A negative MACD line likewise points to persistent bearish momentum.

A bearish close beneath support at $0.1894 remains a technical risk for ADA. Such a move could open the way to further losses towards the 18 August low of $0.1712.

Should ADA recover, the broken trendline around $0.2024 could be retested first, ahead of the 50-day EMA near $0.2165. Further above, the 200-day EMA at about $0.2352 reinforces a wider supply zone.

Solana’s bearish momentum builds below $100

A fourth consecutive daily decline leaves Solana slightly lower on Tuesday, with its bearish bias intact. SOL’s retreat has taken it beneath the 50-day EMA at $103.20 and the 200-day EMA at $99.88, underscoring the increase in near-term selling pressure.

An upward-sloping trendline is now coming into focus for Solana, with nearby support around $89.27. Further down, the more established horizontal support levels of $87.21 and $70.58 could help contain the decline.

With the RSI near 25, Solana is in oversold territory. Meanwhile, the MACD sits beneath both its signal line and zero, and its negative histogram is expanding. Together, these indicators suggest continued downward pressure, with sellers still in control.

A move higher would face initial resistance at $95.82, followed by the 200-day EMA at $99.88 and then the 50-day EMA at $103.20.

(The technical analysis of this story was written with the help of an AI tool. Know more.)