SOL Gains 6%, Bitcoin Struggles to Maintain $84K as Rate Cut Optimism Wanes

Crypto Market Insights: SOL, XRP, ETH, and BTC Trends – April 17, 2025

Crypto markets showed a steady recovery in Thursday’s early Asian trading hours, bouncing back from a sharp sell-off the previous night. The rebound came after Federal Reserve Chairman Jerome Powell’s speech dashed hopes of immediate rate cuts, amid concerns over the global impact of new U.S. tariffs.

Bitcoin (BTC) saw a 2% increase in the last 24 hours, rising to approximately $84,500. Other major cryptocurrencies, including Ether (ETH), XRP, Dogecoin (DOGE), and Binance Coin (BNB), posted modest gains of 1%-3%. Leading the gains was Solana (SOL), which surged by an impressive 6%.

Among smaller-cap tokens, Hyperliquid’s HYPE saw a notable 8.5% rise, although there was no clear catalyst driving the move. In contrast, Celestia’s TIA dropped 4%, amid rising selling pressure on tokens with extended unlock schedules, following a sharp downturn earlier this week in the price of Mantra DAO.

Powell’s Remarks and Their Impact on Crypto

Federal Reserve Chairman Powell emphasized the potential economic consequences of the newly imposed tariffs, warning that they would likely result in higher inflation and slower growth, leading to concerns about stagflation—a scenario reminiscent of the 1970s when inflation and stagnation coexisted.

“The market was hoping for early rate cuts from the Fed to support risk assets, but Powell’s comments suggest that this will not be the case anytime soon,” said Jeff Mei, COO at BTSE. “Bitcoin is likely to remain in the $80,000 to $90,000 range until there is more clarity on the progress of tariff talks and future rate decisions.”

Technical Insights on Key Tokens

Solana (SOL) Price Trends:

• SOL saw a 14.5% surge from $119.58 to $136.01 between April 11-14, followed by a pullback.
• The overall volatility range of $16.42 represents 13.7%, indicating potential for further market fluctuations.
• Momentum indicators show that buying pressure is weakening after the rally, suggesting that the price may consolidate in the near term.
• SOL now faces resistance at a descending trendline from the $136 high, with support around $126-$127.
• A break below the $125.67 support could trigger additional downside movement for SOL.

XRP Price Analysis:

• XRP’s price has been volatile, suggesting that a major move could be imminent as it tests important support levels.
• On April 12-13, XRP surged from $2.00 to $2.24, marking an 11.7% range, fueled by high trading volume during the breakout.
• Resistance has formed in the $2.18-$2.24 range, while support lies at $2.08-$2.10.
• Recent price action indicates a bearish reversal pattern, with XRP retracing to $2.09 and entering consolidation.
• According to the 48-hour Fibonacci retracement, XRP has pulled back to the 61.8% level, suggesting a possible stabilization. However, the inability to hold above $2.15 indicates caution for bulls.

Ethereum (ETH) Price Dynamics:

• Ethereum’s price experienced significant volatility with a 7.8% range between $1,546.87 and $1,666.50.
• ETH’s rally failed to sustain above $1,690.16, forming a double top and subsequently declining.
• Volume analysis highlights increased selling activity during the April 14th selloff, where trading volume surpassed 500,000 units, signaling strong bearish sentiment.
• The 50-hour moving average at $1,625 now serves as resistance, while support levels are found around $1,585-$1,590.

Market Sentiment and Near-Term Outlook

Despite Jerome Powell’s hawkish stance and the uncertainty surrounding the Fed’s rate decisions, major cryptocurrencies are showing resilience. Bitcoin is expected to continue trading in the $80,000-$90,000 range in the short term, with traders awaiting clarity on tariff impacts and the Fed’s policy moves. While technical patterns suggest some positive momentum for Solana and Ethereum, broader macroeconomic conditions could keep volatility high in the near future. The market will remain sensitive to news regarding global trade and monetary policies, which may influence the direction of crypto prices.

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