Solana and XRP are holding key technical levels as traders prepare for the release of the US February employment report, a major macro event that could affect risk sentiment in financial markets, including cryptocurrencies.
Conclusion
- Solana and XRP traders are watching the February US employment report, a key indicator that could shape expectations of Federal Reserve policy and risk appetite.
- SOL is stabilizing near $91 and rally indicators are improving, suggesting that buyers are gradually returning after the February selloff.
- XRP is trading around $1.42, with momentum indicators pointing to weakening downside pressure and a possible move to resistance if macro conditions improve.
Investors will be closely watching the US non-government payrolls report as strong labor market data could bolster expectations that the Federal Reserve will keep interest rates high for longer.
Conversely, weaker data could strengthen the case for a rate cut later this year and potentially increase demand for risk assets such as cryptocurrencies.
Against this backdrop, several altcoins entered consolidation phases after market turmoil in February, when geopolitical tensions and broader risk sentiment weighed on crypto prices.
Solana stock price history
Solana is trading near $90.9 after recovering from a sharp decline in early February that briefly pushed the token into the $70 region.
The daily chart shows that the SOL is forming a gradual recovery structure as buyers step into the nearest level. The Accumulation/Distribution indicator is trending higher, indicating that investors can accumulate the token steadily.
Meanwhile, the Bull Bear Power (BBP) indicator turned positive, indicating an improvement in momentum after weeks of persistent selling pressure.
If momentum continues, SOL could test resistance near $95, and a stronger break could potentially open the door to the psychological $100 level.
However, downside risks remain. A break from the $85 support could expose the token to new selling pressure and possibly push it back to the $80-78 zone.
XRP price outlook
XRP is currently trading around $1.42, which is moving sideways after a long decline from previous highs near $2.
Technical indicators suggest that the rate of decline may decrease. The strange oscillator is gradually turning positive, while the Chaikin money flow indicator is stabilizing, which indicates that capital outflows are slowing down.
If buying pressure intensifies, XRP could move towards resistance near $1.50, followed by a possible test of the $1.60 area.
On the downside, a key support level is near $1.35 and a break below this threshold could send XRP to the $1.25 area.
With both indicators converging, the upcoming US employment report could be the next major catalyst to determine whether Solana and XRP extend their recovery or face another volatile cycle.
