September opened with muted crypto markets as traders balance “Red September” worries against growing hopes for Federal Reserve rate cuts. The Crypto Fear & Greed Index sits near 51, while the U.S. 30-year Treasury yield is eyeing the psychologically important 5% mark—conditions that often make crypto action choppy. Amid broad weakness, three names deserve attention: XRP, Solana (SOL) and Solana meme-launchpad token PUMP.
XRP: testing critical support
XRP traded lower after failing to sustain an intraday high and closed near $2.81. Price action has formed a descending triangle with lower highs and a horizontal floor around the $2.80 area. Momentum indicators measure a loss of conviction: the Relative Strength Index (RSI) sits near 43 (below the neutral 50), and the Average Directional Index (ADX) is around 20, suggesting no clear trend.
What matters: a decisive break under $2.758 could push XRP toward the July consolidation low near $2.47, while reclaiming and holding above $2.90–$3.00 would be needed to resume the prior bullish bias. Traders should watch narrowing EMAs for a potential bearish crossover and the Squeeze Momentum Indicator for signs of a volatility expansion.
Solana: underlying strength despite a pullback
SOL slipped to roughly $204 after peaking above $212, even as the community overwhelmingly approved the Alpenglow upgrade. Unlike XRP, SOL’s indicators hint at constructive behavior: the RSI is about 55 and the ADX reads 26, signaling a trend with momentum. Price is respecting an ascending channel and the $200 area is a key support to defend.
What to watch: holding $200 and pushing past $220 would keep the up-trend intact. Failure to hold could invite a test of the 50-day EMA near $170.
PUMP: quick pop, limited trend evidence
Pump.fun’s PUMP rallied more than 6% to about $0.00432 after the Project Ascend announcement. The token cleared recent resistance zones and shows an RSI near 64, a lively but not overbought reading. However, ADX at 14 suggests the move lacks a strong trend behind it—likely a news-driven bounce rather than a sustained breakout.
Short-term levels: immediate support near $0.0035 and resistance in the $0.0053–$0.0074 area. Given the token’s youth and meme-linked volatility, gains may reverse quickly if sentiment fades.
Bottom line: XRP is probing crucial support and looks range-bound unless trend strength returns, Solana shows healthier momentum despite the pullback, and PUMP’s spike appears catalyst-driven with limited trend confirmation. Risk-aware traders should manage position sizes, watch the listed support/resistance levels, and expect higher volatility while macro and Fed-rate expectations remain in flux.
Source: Decrypt. Read the original coverage for full details.