Crypto Price Analysis May-09: ETH, XRP, ADA, SOL, and HYPE

This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.

Ethereum (ETH)

In an impressive reversal, Ethereum saw its price increase by 32% this week as it crossed above $2,000. At the time of this post, buyers are trying to confirm the $2,400 level as a key support. If successful, then ETH has a clear path towards $3,000 next.

This rally has surprised the market that was rather pessimistic about Ethereum. However, since the bottom at $1,400, the likelihood of a relief rally was high and is now materializing.

Looking ahead, Ethereum appears determined to follow Bitcoin which has recently crossed above $100,000. A pullback after such a rally is likely, but the momentum remains bullish with a good chance for higher highs later.

Ripple (XRP)

XRP’s volatility continues to remain lower compared to competitors, but still managed to book a respectable 6% price increase this week. This took it above $2.3 which is now acting as a support.

If buyers can sustain and increase this momentum, then they can aim for $2.6 in the coming days, where sellers returned in the past. Hopefully, a second attempt will be successful so that XRP can challenge the resistance at $3 in the future.

Looking ahead, this cryptocurrency has been consolidating between $2 and $3 since November 2024. Whenever the price will leave this range the volatility will explode and see it move much faster.

Cardano (ADA)

Cardano had a great week and closed with a 12% price increase. This allowed it to get closer to the $0.9 resistance. Another push can see buyers attempt a breakout towards $1 in the future.

The momentum is in a clear uptrend with higher lows and higher highs. The indicators such as the MACD and RSI are also mirroring this and support continuation of this price action.

Looking ahead, ADA’s first major challenge will be at the $0.9 resistance. If that level turns into a key support, then the price will have a clear path to challenge $1 and the previous high at $1.3.

Solana (SOL)

Solana’s price action is similar to ADA and managed to close the week with a 12% increase as well. This has placed SOL comfortably above $150 as it aims for higher highs.

With buyers in control, this cryptocurrency has a key target at $186. The support is at $152 and was not tested after its recent breakout. This makes a pullback likely before continuation.

Looking ahead, Solana is well on its way to returning to a $200 price. Sellers may make their presence felt on the way there, but the bullish momentum is strong enough to make a serious attempt in the coming weeks.

Hype (HYPE)

HYPE is the second-best performer on our list this week, with an impressive 21% price increase. The resistance at $21 was unable to stop buyers, who rushed to this cryptocurrency and pushed it towards $25 today.

The former resistance at $21 will now act as a key support and as long as HYPE’s price stays above this level, then the rally can continue towards new highs.

Looking ahead, the most important resistances on the chart right now are found at $24 and $28. At the time of this post, buyers and sellers are fighting around $24, and the winner will set the trend in the coming days.