Price Analysis January 3rd, 2025 – BTC, LINK, ETH, XRP, DOGE, and SOL
Bitcoin has begun 2025 on a positive note, crossing the $96,000 resistance on Thursday. However, analysts have noticed low market volatility, thus ruling out any significant moves this week until key participants return to the markets on Monday.
Meanwhile, Bitget Research senior analyst Ryan Lee has said that Bitcoin will likely reach $120,000 before the end of this month as the buzz around Donald Trump’s inauguration grows. Although optimistic about BTC, Lee claims Ethereum could struggle to rally in 2025.
But why is he bearish on Ether? Lee notes a negative growth rate of Ethereum validators, signaling that numerous validators are leaving the second-largest network for other in-demand proof-of-stake blockchains.
In other news, several analysts anticipate a massive Solana rally in 2025 as hopes for the approval of a Solana spot ETF rise. Data on decentralized prediction market Polymarket shows there is a 75% chance that the ETF will be approved before the end of July.
With that said, it is time to study the charts to identify major resistance and support levels that should be monitored in the next few days.
Bitcoin Price Analysis
The buyers have pushed Bitcoin above the 50-day Simple Moving Average of $96,587 as of this writing. However, the long-wicked candlestick formed on January 1st signals that selling pressure is massive at higher levels. Therefore, Bitcoin will likely meet resistance at $98,540 if it continues to rise. But if this level cracks and gives way, BTC could grow above $100,000 and head toward $108,382.
On the other hand, a drop below the 20-day Exponential Moving Average of $96,217 could give the bears a significant edge. In such a scenario, we may see Bitcoin plummeting to the $90,106 support or to $88,000.
Ethereum Price Analysis
Ether is trading slightly below the 20-day Exponential Moving Average of $3,468.93. If it crosses this mark, the bulls will aim to push the token to the 50-day Simple Moving Average of $3,517.84 and later to the $3,554 resistance. Conversely, a drop below $3,400 would put Ethereum at risk of declining below the uptrend line. If this happens, we anticipate a sharp fall to $3,223 or $3,000.78, where the buyers could mount a solid defense.
XRP Price Analysis
XRP is almost touching the resistance line of the ascending triangle channel after rallying 9% in the past seven days. If it doesn’t meet strong resistance at that line, it would be safe to assume that the bulls have taken charge. As such, XRP could climb to $2.61 and then to the $2.93 resistance.
On the contrary, if this crypto asset reverses now and plummets below the support line of the triangle, it could head to the 20-day Exponential Moving Average of $2.18 and later to the 50-day Simple Moving Average of $1.94.
Solana Price Analysis
SOL is back above $200 after the bears failed to defend the 20-day Exponential Moving Average of $197 on January 1st. The buyers are looking to strengthen their advantage by pushing Solana above the 50-day Simple Moving Average of $219.83. If they achieve that, a rally to the $264 resistance is likely.
On the downside, Solana could retest the $180.27 support or even $155 if the bears tug and keep it below $197.
Dogecoin Price Analysis
The bulls are back in the Dogecoin market based on the latest price action. The meme coin has traded above the 20-day Exponential Moving Average of $0.348 in the past 24 hours, signaling rising buying pressure. Increased demand could push DOGE to the 50-day Simple Moving Average of $0.382 and then to $0.419. Contrarily, a drop below $0.348 could trigger a move to $0.283.
Chainlink Price Analysis
While LINK has crossed above the 50-day Simple Moving Average of $21.27 at press time, the bearish setup is still active and can only be validated when the token goes above the $26 resistance. A rally to that major level is achievable if the bulls can thrust and maintain Chainlink above the 20-day Exponential Moving Average of $23.04.
Meanwhile, a fall below $21.47 could enhance the bears’ chances of dragging LINK to $19.84 and then to $16.
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