SOL Rallies 6%, Bitcoin Stays Around $84K as Rate Cut Speculation Fades

Crypto Market Overview: SOL, XRP, ETH, and BTC Performance – April 17, 2025

After a brief sell-off in the previous evening, the cryptocurrency market showed signs of recovery on Thursday morning in Asia. The positive movement came following U.S. Federal Reserve Chairman Jerome Powell’s remarks on interest rates, which put a dampener on hopes for early rate cuts, as the global markets continued to adjust to the newly implemented U.S. tariffs.

Bitcoin (BTC) gained 2% in the past 24 hours, reaching nearly $84,500, according to CoinGecko. Ether (ETH), XRP, dogecoin (DOGE), and Binance Coin (BNB) all recorded gains between 1% and 3%. Solana (SOL) led the rally with an impressive 6% surge.

Among midcap tokens, Hyperliquid’s HYPE jumped 8.5%, though there was no immediate catalyst, while Celestia’s TIA dropped 4%. This decline reflects ongoing selling pressure on tokens with long unlock schedules, especially following the recent crash of Mantra DAO.

Fed’s Impact on Crypto Markets

Federal Reserve Chairman Jerome Powell’s speech indicated that the economic effects of the newly imposed tariffs could result in both higher inflation and slower growth, which could eventually lead to stagflation—a period that echoes the economic challenges of the 1970s, when inflation remained high amid sluggish economic growth.

“Traders had hoped for early rate cuts to stimulate the market, but Powell’s remarks suggest those hopes are likely to be dashed in the short term,” said Jeff Mei, COO at BTSE. “For now, Bitcoin seems to be sticking within the $80,000 to $90,000 range until there is more clarity on tariff negotiations and any potential rate cuts.”

Technical Overview of Major Tokens

Solana (SOL) Price Analysis:

• SOL experienced a significant surge of 14.5% from $119.58 to $136.01 between April 11 and 14, before seeing a slight correction.
• The token displayed a volatility range of 13.7%, indicating potential for further movement.
• Momentum indicators show a weakening buying pressure, especially after SOL reached peak volume in the April 12-13 rally.
• Resistance is now forming at a descending trendline from the $136 peak, with support at the $126-$127 level.
• A break of the $125.67 support could suggest further downside risk for SOL.

XRP Price Analysis:

• XRP experienced high volatility, suggesting the possibility of a major price move as it tests key support levels following its recent surge.
• The price rose dramatically from $2.00 to $2.24 between April 12-13, marking an 11.7% range, accompanied by an exceptionally high trading volume.
• Strong resistance has formed at the $2.18-$2.24 range, with support levels at $2.08-$2.10.
• The recent price action shows a bearish reversal pattern, as XRP retraced to $2.09 and entered a consolidation phase.
• The 48-hour Fibonacci retracement suggests potential stabilization at the 61.8% level, but a failure to sustain above $2.15 presents risks for bullish momentum in the near term.

Ethereum (ETH) Price Analysis:

• Ethereum saw notable volatility, with a 7.8% overall range between $1,546.87 and $1,666.50.
• The price failed to sustain momentum after reaching $1,690.16, resulting in a double top pattern before the sharp decline.
• High volume was observed during the April 14 selloff, signaling strong selling pressure.
• The 50-hour moving average is now acting as immediate resistance around the $1,625 mark, with key support found at $1,585-$1,590.

Market Sentiment and Technical Indicators

Although Powell’s comments tempered expectations for an immediate policy shift, the technical outlook for the major cryptocurrencies remains cautiously optimistic in the short term. Bitcoin is expected to stay within the $80,000-$90,000 range, with traders waiting for clarity on tariff negotiations and the Fed’s next moves. However, ongoing volatility is likely, and caution is advised as markets digest the broader economic implications.