Top Cryptocurrencies to Watch: Solana Aiming for $420, XRP and AAVE Set for Breakouts

Solana is looking to target $420 and XRP is approaching a demand zone that will decide its next move.

Crypto prices have experienced a sharp decline over the past 24 hours, with most major coins dropping by double digits. Bitcoin fell below the crucial support level of $40,000, while XRP slid down to $3.40. However, some traders are optimistic that the market is overreacting and that once things calm down, there will be some fast recoveries.

Solana (SOL) is currently trading at around $235, down by 12.3% over the past 24 hours. The coin’s price has been closely watched by traders, especially after SOL broke out of a descending triangle pattern on March 13. The breakout saw Solana rallying by over 30% in a single day, and traders are now speculating on the coin’s next move.

One analysis by TradingView suggests that SOL could be aiming for the $420 price target if the market rebounds from the recent dump. The analysis notes that Solana has support and resistance levels that could determine its next big move. The token has experienced fluctuations, reflecting the broader market’s movement.

The token’s price has seen retracements similar to previous rally patterns, and analysts are closely watching the 50% Fibonacci retracement zone. If SOL holds above this level, it could trigger a push toward the -1 Fibonacci extension, which aligns with the projected $420 price target.

Adding to the speculation, Whale Alert reported that a transaction involving 694,746 SOL, valued at $165.25 million, took place between two unidentified wallets on March 20. Such large movements often indicate shifts in market sentiment, potentially signaling an upcoming rally.

According to the latest data, Solana is trading at around $235.26, reflecting a slight decline. The primary resistance level at $260 remains a crucial hurdle. If SOL breaks past this level, momentum could carry the price toward $300 and beyond. Conversely, failure to hold above $235 may result in a pullback to $200.