Solana and XRP are holding key technical levels as traders prepare for the release of the February U.S. employment report, a major macro event that could influence risk sentiment across financial markets, including cryptocurrencies.
Summary
- Solana and XRP traders are watching the February U.S. employment report, a key indicator that could shape expectations for Federal Reserve policy and risk appetite.
- SOL is stabilizing near $91 with accumulation indicators improving, suggesting buyers are gradually returning after February’s sell-off.
- XRP is trading around $1.42, with momentum indicators pointing to weakening bearish pressure and a potential move toward resistance if macro conditions turn favorable.
Investors closely watch the U.S. nonfarm payrolls report because strong labor market data could reinforce expectations that the Federal Reserve will keep interest rates elevated for longer.
Conversely, weaker data may strengthen the case for rate cuts later this year, potentially boosting demand for risk assets such as cryptocurrencies.
Against this backdrop, several altcoins have entered consolidation phases following February’s market turbulence, when geopolitical tensions and broader risk-off sentiment weighed on crypto prices.
Solana price outlook
Solana is trading near $90.9 after recovering from a sharp early-February decline that briefly pushed the token toward the $70 region.
The daily chart shows SOL forming a gradual recovery structure as buyers step in near lower levels. The Accumulation/Distribution indicator is trending higher, signaling that investors may be steadily accumulating the token.
Meanwhile, the Bull Bear Power (BBP) indicator has turned positive, suggesting improving bullish momentum after weeks of persistent selling pressure.
If momentum continues, SOL could test resistance near $95, with a stronger breakout potentially opening the door toward the $100 psychological level.
However, downside risks remain. A break below $85 support could expose the token to renewed selling pressure and potentially send it back toward the $80–$78 region.
XRP price outlook
XRP is currently trading around $1.42, where it has been moving sideways after a prolonged decline from earlier highs near $2.
Technical indicators suggest bearish momentum may be fading. The Awesome Oscillator is gradually turning positive, while the Chaikin Money Flow indicator is stabilizing, signaling that capital outflows are slowing.
If buying pressure strengthens, XRP could attempt a move toward resistance near $1.50, followed by a potential test of the $1.60 zone.
On the downside, the key support level sits near $1.35, and a breakdown below that threshold could send XRP toward the $1.25 area.
With both tokens consolidating, the upcoming U.S. employment report may act as the next major catalyst determining whether Solana and XRP extend their recovery or face another round of volatility.
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