Crypto Price Analysis Dec-8: ETH, XRP, ADA, SOL, and BONK

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and BONK.

Ethereum (ETH)

ETH’s price booked a 12% increase this past week after it was finally able to escape the ascending triangle that has been forming since 2022.

The breakout above $2,150 started this rally, which may not see any significant pullback until $2,500. That is the current target for this move. If buyers remain aggressive, they could aim to take Ethereum to $3,000 after that.

Looking ahead, the momentum is bullish, and ETH is showing signs it may recover some of the ground lost to Bitcoin in the past few weeks.

ETHUSD_2023-12-08_16-09-15 — Chart by TradingView

Ripple (XRP)

XRP is also bullish and managed to book a 5% increase this week. However, the resistance at 68 cents is still to be broken before this cryptocurrency can aim for higher levels.

The support at 57 cents held well, and considering that buyers are dominating the market right now, XRP could continue to perform in the coming week.

Looking ahead, this cryptocurrency could break the current resistance and aim to reach the previous high from July when XRP got close to $1.

XRPUSDT_2023-12-08_16-07-36 — Chart by TradingView

Cardano (ADA)

ADA bulls woke up this week with an impressive 28% price increase. This spectacular performance obliterated the resistance at 46 cents, and now buyers are looking at much higher levels.

The most important resistance on the chart right now is found at 60 cents. Sellers may attempt to stop this rally around 50 cents, but that is unlikely to last, considering market sentiment.

Looking ahead, if ADA manages to maintain this momentum, then going to 60 cents becomes likely.

ADAUSDT_2023-12-08_16-08-48 — Chart by TradingView

Solana (SOL)

This week, Solana broke the resistance at $67 and booked a 16% price increase. This allowed buyers to take it to $72 today.

If bulls remain strong, then the previous resistance at $67 can turn into support, and Solana can move higher still and towards $80 next.

Looking ahead, this cryptocurrency continues to show strength and this latest breakout confirms that bulls are very much still in control.

SOLUSDT_2023-12-08_16-07-25 — Chart by TradingView

BONK

The surprise of the past two months is BONK, the biggest meme token on the Solana network. The price has not stopped pumping since late October and booked an eye-popping 187% increase this week alone.

With such a performance, it is almost impossible to guess where BONK will top or decide to correct. After a 70x increase from its all-time low, this Solana token could continue to rally, considering the market sentiment.

Looking ahead, it seems meme tokens are back in the spotlight, and BONK holders are having the time of their life.