Crypto Price Analysis May-16: ETH, XRP, ADA, SOL, and HYPE

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

Ethereum (ETH)

Ethereum had another impressive week with a 15% price increase after it managed to hold above $2,500, which is currently acting as a key support. As long as this level holds, buyers have a good chance to take the asset higher.

The resistance is found at $2,870, which will likely put sell pressure on the price if it arrives there in the future. Considering that the recent rally was quite aggressive, it would be unlikely for ETH to continue up uninterrupted without a pullback.

Looking ahead, Ethereum remains bullish, but the momentum has been decreasing lately. This is why a consolidation between $2,500 and $2,870 should be expected before the next attempt at higher levels.

Ripple (XRP)

XRP managed to move briefly above $2.6 this week, but sellers were quick to return at that key resistance and pushed the price back under $2.5 at the time of this post. Nevertheless, the asset closes the week with a 5% increase.

With another higher high confirmed on the chart, XRP seems determined to get closer and closer to the $3 resistance, which acts as a magnet for the price. As long as the support at $2.3 holds, buyers have a good shot at that.

Looking ahead, XRP wants to revisit $3. To be successful it will have to turn $2.6 into a key support. For now, this level still acts as a resistance, but will likely break if this bullish momentum persists.

Cardano (ADA)

ADA is found between two key levels: the support at $0.64 and the resistance at $0.9. So far, the price has failed to escape this large range and only managed to book a 2% increase this week.

Cardano also entered a pullback after it reached $0.86, and sellers managed to take it down to $0.75, where buyers returned to defend the price. Despite this correction, ADA remains bullish with clear higher highs. The next push will likely test the resistance at $0.9 for the first time since March.

Looking ahead, ADA’s uptrend continues, and its first major test is still to come. If buyers break above $0.9, then this coin has a good shot at reclaiming a price above $1, like it did in late 2024.

Solana (SOL)

After Solana touched the resistance at $186, the price entered a pullback, which is still ongoing at the time of this post. Still, SOL managed to secure a respectable 5% price increase this week.

The pullback could continue for some time before buyers regain control. This can be seen on the momentum indicators, such as the MACD and RSI, which are currently falling. Until they reverse, the correction is likely to continue.

Solana’s native token has rallied by 80% since its bottom at $95. Considering this recent performance, it’s possible SOL corrects to the $152 support before buyers dare to challenge the resistance at $186.

Hype (HYPE)

HYPE is the second-best performer on our list with an impressive gain of 10% this week. This has allowed the price to stay above the $24 support and grind higher with a clear target at $28.

This latest push could be the last one before a major correction starts. This is likely considering that the last time HYPE visited $28, its price entered a sustained downtrend that saw it crash by 67%. If buyers initiate another leg-up, then the $28 resistance is a prime candidate.

Looking ahead, HYPE can remain bullish until the $28 resistance is tested. At that point, it’s best to be cautious as bears could return to push this cryptocurrency into a major pullback, which hasn’t happened since early April.