Top Altcoins Price Forecast: Further downside looms for Ripple, Cardano, and Solana

• $1.25 is Ripple’s approximate trading level on Tuesday. The price is stabilising following Thursday’s nearly 7% fall.
• Below $0.19, Cardano continues to retreat after four consecutive weeks of losses and a roughly 21% fall in October.
• Following October’s roughly 20% loss, Solana slides further towards a rising support trendline as selling intensifies.

$6.3 billion was lost in last week’s Binance hack. The incident 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 affecting Ripple and Solana spot exchange-traded funds (ETFs). Meanwhile, higher open interest in Cardano futures points to a build-up of bearish positions. With selling intensifying, the technical outlook for XRP, ADA, and SOL remains tilted to the downside.

Altcoins Under Bearish Pressure

$529,510 flowed out of XRP ETFs on Monday as selling pressure continued this week. SOL ETFs, meanwhile, registered $71.47 million in total outflows last week, their fourth consecutive week of substantial institutional redemptions. 

By contrast, positioning in Cardano derivatives is expanding sharply. According to CoinGlass, ADA futures open interest (OI) has climbed from 2.05 billion ADA on Sunday to 2.23 billion ADA, pointing to fresh positions this week. Spot prices are falling alongside the increase in OI, however. That combination typically indicates bearish positioning in anticipation of further losses. 

$1 Retest Risk for Ripple

At $1.2517 on Tuesday, Ripple is consolidating in the near term following Thursday’s 6% fall. The broader corrective bias remains intact. XRP continues to trend lower beneath an overhead trendline linking the September 23 and October 28 highs, with resistance 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 lies near $1.2239 along a trendline linking the August 21 and September 16 lows. Together with the overhead trendline, this forms a descending triangle.

Should XRP sustain a break below $1.2239, the decline could extend to horizontal support at 1.0692, the June 5 low.

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

For a recovery, the first resistance to clear is the trendline near $1.2881. The next barriers are the 50-day EMA at $1.3365 and the 200-day EMA at $1.3657, where a stronger rebound could encounter a denser supply zone.

Cardano Downtrend Nears Oversold Territory

At $0.1877 at press time on Tuesday, Cardano retains a bearish near-term outlook. ADA continues to fall below its 50-day and 200-day EMAs, at roughly $0.2165 and $0.2352 respectively. The price is also beneath the former rising support trendline around $0.2024.

On the daily chart, the RSI is near 30 and still sloping lower. This suggests downside pressure is lingering even as oversold conditions approach. A negative MACD line likewise indicates that bearish momentum remains in place.

A bearish close below support at $0.1894 remains a technical risk for ADA. Such a move could deepen the decline towards the August 18 low of $0.1712.

Any ADA rebound could first revisit the broken trendline around $0.2024, then the 50-day EMA near $0.2165. Above these, the 200-day EMA at about $0.2352 reinforces the broader supply zone.

Below $100, Solana’s Bearish Momentum Builds

A fourth consecutive daily decline is taking shape for Solana on Tuesday, keeping the bias bearish. SOL’s pullback has breached the 50-day EMA at $103.20 and the 200-day EMA at $99.88, underscoring stronger near-term selling pressure.

An upward-sloping trendline is now approaching for Solana, offering nearby technical support around $89.27. Further down, established horizontal support at $87.21 and $70.58 could help cushion the decline.

Sellers remain in control, according to the momentum indicators. The RSI is near 25 in oversold territory, while the MACD stays beneath both its signal line and zero. Its negative histogram is expanding, reinforcing the indication of persistent downside pressure.

A recovery would encounter 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.)