Solana, Dogecoin, XRP Technical Analysis: Large-Cap Cryptos Surging Amidst Trump’s US Election Victory

The US presidential election has stirred significant momentum across the cryptocurrency market. Following Donald Trump’s lead over Kamala Harris, Solana (SOL) surged by over 15% in the past 24 hours. It reached over $185, securing a market cap of over $85 billion. This sharp increase solidified Solana’s position as the fourth-largest cryptocurrency, overtaking Binance (BNB). It also boosted trading volumes to over $9 billion, compared to around $3 billion before the US election. Speculation around a Trump-driven, pro-crypto environment has fueled bullish sentiment for Solana. This includes the potential approval of an exchange-traded fund (ETF) for SOL, which has propelled it to new heights.

On the other hand, Dogecoin (DOGE) has also surged on Tuesday as investors bet on a Trump victory. Dogecoin has jumped over 50% in the past 20 days. This price increase reflects investor excitement about Trump’s presidency. A Trump win is seen as favourable for Dogecoin. This is mainly due to his proposed initiative with Musk to establish the Department of Government Efficiency. Donald Trump’s win has taken the Dogecoin to strong key levels, where the breakout will initiate a strong price surge.

However, XRP is experiencing a more reserved response following the US election results. The long/short ratio for XRP is rising from the bottom, indicating slightly positive momentum, but the price remains within a consolidation phase. XRP’s volume has spiked by over 95% in the past 24 hours, significantly lower than Solana’s increase to over $9 billion and Dogecoin’s increase to over $11 billion. This suggests that interest in XRP is lower than that of other coins.

Solana (SOL) Technical Analysis

Solana Daily Chart – Bull Flag Pattern

The daily chart for Solana shows that the price is breaking above $182 following Trump’s victory. This key level is highlighted by a bull flag pattern, with the flagpole formed from the bottom in January 2024. A daily close above $182 could trigger a strong move toward record levels. A break above these record highs would initiate the next surge in Solana.

When Solana breaks above $182, the 50 SMA crosses above the 200 SMA, indicating a buy signal. Additionally, the RSI has rebounded from the mid-level, suggesting that Solana will likely maintain a positive trend.

Solana 4-hour Chart – Ascending Broadening Wedges

The 4-hour chart for Solana shows that the price is forming an ascending, broadening wedge pattern. The target for this pattern is $200, measured from the wedge’s resistance line. However, the black dotted trend line indicates an overextended target of $210 for Solana. The $200 to $210 range remains a key resistance area if the market progresses upward following Trump’s victory.

Dogecoin (DOGE) Technical Analysis

Dogecoin Daily Chart – Cup Formation

The daily chart for Dogecoin shows the formation of a cup pattern, with Trump’s victory pushing the price to the resistance level at $0.22. Dogecoin is more volatile than other coins, so sharp corrections often follow strong rallies. The recent high of $0.22 after Trump’s victory is causing price fluctuations around this level. A break above $0.22 could initiate the next strong surge in Dogecoin. Notably, if Dogecoin breaks above $0.22, the 50 SMA crosses over the 200 SMA, which indicates a buy signal.

Dogecoin 4-hour Chart – Ascending Channel

The 4-hour chart for Dogecoin shows the formation of an ascending channel, indicating positive momentum. The price consolidates its gains after reaching the resistance level of $0.22 on the 4-hour chart post-election. The RSI has hit the overbought state, suggesting further consolidation may develop.

XRP Technical Analysis

XRP Daily Chart – Consolidation

XRP’s price has been consolidating within a wide range for the past few weeks, keeping it from establishing a clear direction. However, following the election, the price turned upward on Tuesday, forming a potential double bottom on the daily chart. A daily close above $0.60 is needed to confirm this pattern. XRP may continue moving sideways, and only a break above $0.60 would signal positive momentum.

XRP 4-hour Chart – Positive Shift

The 4-hour chart shows a buildup of positive momentum for XRP, indicated by an inverted head and shoulders pattern. The price hovers around $0.53, suggesting that the short-term trend will likely increase. A Trump victory could further fuel the bullish outlook for XRP.