February 28, 2025 market update: Will the downward trend continue?

Cryptocurrency News – While Bitcoin ETF outflows have reached record levels, the downward trend in the market continues unabated. While single-digit losses are experienced in Bitcoin prices, we are seeing larger declines in altcoins. Even the leading altcoins in the market are experiencing double-digit losses. In the following sections of this article, we will share the critical levels to follow in Solana, XRP, and Chainlink prices.

Solana Broke Below Critical Point

If we look at the Solana price chart, we can say that we have broken below the rising support line positioned at 165 dollars. Additionally, there is an important support zone in the range of 120 dollars to 130 dollars. We can also discuss levels below if we reverse the bearish outlook. In particular, there is a downward potential towards 90 dollars in Solana. When we look at the hourly time frames in the Solana chart, we are looking for support in the range of 133 dollars to 139 dollars. We may encounter small bounces upwards due to the oversold signal in Solana RSI. However, this signal alone is never sufficient. We need more signals to gain momentum upwards.

XRP Testing Support Points

The XRP price is also following the market trend and playing for a bigger drop deviation. When we look at the daily time frame, we are forming lower lows and lower highs. We are testing new lows by breaking critical support levels one by one and being rejected from resistance zones. The XRP price typically reveals a price structure in a downtrend. The XRP price found some support at 1.95 dollars at the time of writing. Therefore, it seems likely that the price will stay in this range at least for a short time. However, we cannot talk about bullish conditions unless the XRP price exceeds the range of 2.25 dollars to 2.30 dollars.

Chainlink Broke Below the Golden Zone

We confirmed the daily candle closing below the range we have defined as a key area for weeks in the Chainlink price. Technically, the Chainlink price broke below the range of 14.9 dollars to 15.5 dollars. If we do not see a quick closing above this range, we may start discussing lower levels. The next support area in the Chainlink price is located around 13 dollars. Especially in January, there were high expectations of an increase in the Chainlink price. Popular crypto analysts were talking about gains of up to 100 percent. However, expectations do not always materialize in the crypto market, and we can face even greater losses. Therefore, investors should be aware of potential risks before investing in an asset.

The information in the article is purely for informational purposes. It does not constitute any investment advice. The author and kriptoparahaber.com are not responsible for any profit or loss arising from your investments. Ultimately, investment relies on many factors such as knowledge, experience, research, and personal decisions.

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