SOL Soars 6% While Bitcoin Holds Steady at $84K Amid Fed Rate Cut Uncertainty

The cryptocurrency market experienced a noticeable uptick during the Asian morning hours on Thursday, recovering from a sell-off the previous night. This movement comes in the wake of Federal Reserve Chair Jerome Powell’s statements that have dampened hopes for early interest rate cuts. As global markets react to newly imposed U.S. tariffs, Bitcoin (BTC) has seen a 2% increase over the past 24 hours, bringing its price close to $84,500. Meanwhile, other cryptocurrencies such as Ether (ETH), XRP, Dogecoin (DOGE), and BNB from the BNB Chain have all reported gains ranging from 1% to 3%. However, it is Solana’s SOL that has emerged as the leader with a remarkable 6% increase.

Market Reactions to Federal Reserve Announcements

In light of Powell’s comments, which stressed the need for the Fed to assess the impact of tariffs on the global economy, traders’ expectations for immediate rate cuts have been significantly lowered. This sentiment has been echoed by Jeff Mei, COO at BTSE, who remarked on the likely ongoing trading range for Bitcoin between $80,000 and $90,000 until there is more clarity on tariff negotiations and potential rate cuts.

“Traders had been hoping for the Fed to come in with early rate cuts to bolster markets, but it looks like that’s not going to happen anytime soon,” Mei noted in a Telegram message to CoinDesk. This uncertainty has led to a cautious approach among traders as they navigate the ongoing effects of “stagflation,” a term that recalls the economic challenges of the 1970s when the U.S. faced stagnant growth alongside soaring inflation.

Technical Analysis of Leading Cryptocurrencies

SOL Price Analysis

Solana’s SOL has recently experienced significant price movements, notably a 14.5% surge from $119.58 to $136.01 between April 11-14, before undergoing a corrective phase. The overall price volatility has reached 13.7%, with a notable descending resistance trendline established at the recent high of $136. Current support levels are located around $126-$127, while the 50-hour moving average serves as dynamic resistance. Should SOL break below the critical support level of $125.67, further downside may be anticipated.

XRP Price Analysis

XRP has shown notable volatility, indicating potential for a significant price movement as it tests critical support levels. Following a dramatic surge on April 12-13, where XRP climbed from $2.00 to a peak of $2.24—an 11.7% increase—strong resistance has formed around the $2.18-$2.24 range. Support is currently noted at $2.08-$2.10. Recent price action suggests a bearish reversal pattern, and with XRP retracing to $2.09, it has entered a consolidation phase. The 48-hour Fibonacci retracement reveals a pullback to the 61.8% level, hinting at stabilization, but declining volumes and the inability to maintain levels above $2.15 may signal caution for bulls in the short term. For more on XRP and its potential, check out our [XRP price prediction