Crypto Market Overview: SOL, XRP, ETH, and BTC Performance Analysis – April 17, 2025
The crypto market saw steady growth in the Asian morning hours on Thursday, following a sharp sell-off the previous evening. This rebound came after U.S. Federal Reserve Chairman Jerome Powell’s comments dimmed hopes for early rate cuts, with global markets still grappling with the effects of newly-implemented U.S. tariffs.
Bitcoin (BTC) saw a 2% increase in the past 24 hours, briefly touching nearly $84,500, according to data from CoinGecko. Ether (ETH), XRP, dogecoin (DOGE), and Binance Coin (BNB) all gained between 1% and 3%, while Solana’s SOL led the rally with a 6% surge.
Among midcap tokens, Hyperliquid’s HYPE surged by 8.5%, despite the absence of a clear catalyst, while Celestia’s TIA experienced a 4% drop, leading the losses. The pressure on tokens with long unlock schedules, highlighted by Mantra DAO’s recent decline, continues to affect their performance.
Powell’s Remarks on Tariffs and Economic Outlook
In his speech, Powell emphasized the need for more time to assess the economic impact of the tariffs, warning that the effects could lead to both higher inflation and slower growth, potentially ushering in stagflation – a scenario similar to the 1970s when the U.S. faced both weak economic growth and double-digit inflation.
“Traders had been hoping for early rate cuts from the Fed to boost the market, but it looks like that won’t be happening anytime soon,” said Jeff Mei, COO at BTSE, in a Telegram message to CoinDesk. “In the short term, we expect Bitcoin to continue trading between $80,000 and $90,000 until we see more clarity on the tariff situation and potential rate cuts.”
Technical Analysis for Major Tokens
Solana (SOL) Price Analysis:
- SOL saw a notable 14.5% price increase from $119.58 to $136.01 between April 11 and 14, followed by a correction.
- The volatility span reached 13.7%, with a range of $16.42.
- Momentum indicators show weakening buying pressure after reaching peak volume during the April 12-13 rally.
- SOL faces resistance along a descending trendline from the $136 peak, while support is forming around the $126-$127 level.
- The 50-hour moving average is acting as dynamic resistance. Price consolidation is evident, and if the $125.67 support breaks, further downside could occur.
XRP Price Analysis:
- XRP showed significant price volatility, possibly coiling for a major move as it tests key support levels after strong price swings.
- On April 12-13, XRP surged from $2.00 to $2.24, marking an 11.7% range, driven by high trading volume.
- Resistance is now at $2.18-$2.24, with support at $2.08-$2.10.
- After retracing to $2.09, XRP is consolidating with declining momentum, showing signs of a bearish reversal.
- The 48-hour Fibonacci retracement suggests potential stabilization at the 61.8% level, but declining volumes and failure to hold above $2.15 suggest caution for bulls in the near term.
Ethereum (ETH) Price Analysis:
- ETH experienced significant price volatility, with a range of 7.8% between $1,546.87 and $1,666.50.
- A bearish reversal pattern formed after ETH failed to maintain momentum above $1,690.16, resulting in a sharp decline and a double-top formation.
- Volume analysis shows strong selling pressure, especially during the April 14 selloff when volume exceeded 500,000 units.
- The 50-hour moving average around $1,625 now serves as immediate resistance, with key support at $1,585-$1,590.
Market Outlook and Technical Sentiment
Despite Powell’s cautious stance on rate cuts and tariff impacts, technical indicators suggest a mixed but constructive outlook for the short term. The crypto market is navigating uncertainties, with Bitcoin likely to remain within the $80,000-$90,000 range until more clarity emerges. However, the market remains sensitive to the broader economic factors, and volatility will continue to play a significant role in shaping sentiment and price action for the major tokens.
