Top Altcoins Price Forecast: Is further downside ahead for Ripple, Cardano, and Solana?

• Ripple steadies near $1.25 on Tuesday after Thursday's decline of nearly 7%.
• Cardano remains under pressure below $0.19, extending its slide after four straight weeks of losses and an October fall of roughly 21%.
• Mounting selling pressure pushes Solana closer to a rising support trendline, extending losses after a roughly 20% fall in October.

Weak sentiment continues to weigh on leading altcoins Ripple (XRP), Cardano (ADA), and Solana (SOL) ahead of Tuesday's US midterm elections. Last week's $6.3 billion Binance hack has dampened social sentiment. Selling pressure persists in Ripple and Solana spot Exchange-Traded Funds (ETFs), while increasing Open Interest in Cardano futures points to a build-up of bearish positions. With sellers applying greater pressure, the technical outlook for XRP, ADA, and SOL remains tilted to the downside.

What Is Driving Bearish Pressure on Altcoins?

Institutional redemptions remain a concern for altcoin ETFs. SOL ETFs registered $71.47 million in total outflows last week, their fourth straight week of heavy withdrawals by institutional investors. XRP ETFs have also come under selling pressure this week, recording outflows of $529,510 on Monday. 

Cardano derivatives, by contrast, are seeing a substantial build-up in positions. According to CoinGlass, ADA futures Open Interest (OI) has increased from 2.05 billion ADA on Sunday to 2.23 billion ADA, pointing to fresh positions this week. With spot prices falling alongside the rise in OI, however, the increase typically indicates a build-up of bearish positions anticipating further losses. 

Could Ripple Retest the $1 Mark?

A short-term consolidation keeps Ripple at $1.2517 on Tuesday following Thursday's 6% fall. The broader corrective bias nevertheless persists: XRP's declining trend remains capped by an overhead trendline at $1.2881, linking the highs of 23 September and 28 October.

Both the 50-day Exponential Moving Average (EMA) at $1.3365 and the 200-day EMA at $1.3657 remain above XRP's price. Immediate technical support lies near $1.2239 on a trendline joining the lows of 21 August and 16 September. Together with the overhead trendline, this forms a descending triangle pattern.

If XRP sustains a break below $1.2239, the decline could continue towards the 1.0692 horizontal level defined by the 5 June low.

Downside pressure remains evident in the momentum indicators. The Relative Strength Index (RSI), at around 37, signals subdued but not extreme bearish momentum, and the Moving Average Convergence Divergence (MACD) is still slightly negative.

Any recovery would first encounter the trendline resistance near $1.2881, followed by the 50-day EMA at $1.3365 and the 200-day EMA at $1.3657. A stronger rebound could meet a more concentrated supply zone around the latter.

Is Cardano's Downtrend Reaching Oversold Territory?

The near-term outlook for Cardano remains bearish, with ADA quoted at $0.1877 at the time of writing on Tuesday. Its decline continues beneath the former rising support trendline around $0.2024, as well as the 50-day and 200-day EMAs at roughly $0.2165 and $0.2352, respectively.

Despite nearing oversold territory, the daily RSI continues to slope downwards near 30, indicating lingering selling pressure. A negative MACD line also points to sustained bearish momentum.

A bearish close below support at $0.1894 remains a technical risk for ADA. Such a move could deepen the fall towards the 18 August low of $0.1712.

Should ADA rebound, the broken trendline around $0.2024 could be retested first, followed by the 50-day EMA near $0.2165. Further above, the 200-day EMA at about $0.2352 adds to the broader supply zone.

Is Solana's Bearish Momentum Strengthening Below $100?

Selling pressure keeps Solana's near-term bias bearish as it slips for a fourth straight day on Tuesday. SOL's pullback has taken it beneath the 50-day EMA at $103.20 and the 200-day EMA at $99.88, reinforcing the increase in near-term selling pressure.

An upward-sloping trendline is now coming into focus for Solana, offering nearby technical support around $89.27. If that gives way, the more established horizontal support levels at $87.21 and $70.58 could help cushion further declines.

Sellers remain in control, according to the momentum indicators. The RSI is near 25 in oversold territory, while the MACD stays beneath both its signal line and the zero line. An expanding negative histogram further points to persistent downside pressure.

A move higher would initially face resistance at $95.82, followed by the 200-day EMA at $99.88 and then the 50-day EMA at $103.20.

(The technical analysis of this story was written with the help of an AI tool. Know more.)