Price analysis 1/31: BTC, ETH, XRP, SOL, BNB, DOGE, ADA, LINK, AVAX, XLM

Bitcoin (BTC) continues to face selling in the $107,250 to $109,588 price zone, but a minor positive is that the bulls have not ceded much ground to the bears. 

One of the reasons could be that Bitcoin’s institutional adoption continues to grow in 2025. The spot Bitcoin exchange-traded funds (ETFs) witnessed $4.2 billion in inflows between Jan. 1 and Jan. 24, which is 6% of all ETF inflows, according to Eric Balchunas, senior ETF analyst at Bloomberg.

While the institutions are buying, retail investors seem to be booking profits in Bitcoin. According to data from the onchain analytics platform CryptoQuant, retail investors sent 6,000 Bitcoin to Binance in January, while Bitcoin whales have largely remained neutral with modest inflows of 1,000 Bitcoin.

After Bitcoin’s strong showing in January, the focus shifts to February. Bitget Research chief analyst Ryan Lee told Cointelegraph that Bitcoin’s performance in February depends on the crucial labor market report due on Feb. 7. A weakening labor market data could “strengthen the case for rate cuts,” which is likely to “create a more supportive environment for Bitcoin.” On the other hand, a strong labor market reduces the possibility of Fed rate cuts, resulting in a pullback in Bitcoin.

Could Bitcoin overcome the $109,588 resistance and rise to a new all-time high? Will altcoins join Bitcoin higher? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin is gradually climbing toward the all-time high of $109,588, indicating sustained buying by the bulls.

The 20-day exponential moving average ($102,198) has started to turn up, and the relative strength index (RSI) is in the positive territory, suggesting an advantage to the bulls. If buyers propel the price above $109,588, the BTC/USDT pair could start the next leg of the uptrend to $118,109 and then to $126,706.

The 50-day simple moving average ($99,398) is the critical support to watch out on the downside. If this support gives way, the pair may dive to $90,000. Buyers are expected to mount a strong defense in the $90,000 to $85,000 zone. 

Ether price analysis

Ether (ETH) bulls pushed the price back above the neckline of the head-and-shoulders pattern on Jan. 30, signaling buying at lower levels.

The momentum picked up on Jan. 31, and the bulls pushed the price above the downtrend line. There is minor resistance at the 50-day SMA ($3,413) but it is likely to be crossed. The ETH/USDT pair may rise to $3,525 and then to $3,745.

Time is running out for the bears. If they want to regain control, they will have to tug the price below the $3,000 support. If they do that, the pair could tumble to the solid support at $2,850.

XRP price analysis

XRP (XRP) held the 20-day EMA ($2.97) on Jan. 29, but the bulls are struggling to push the price to the downtrend line.

The bears will try to yank and maintain the price below the breakout level of $2.91. If they can pull it off, the XRP/USDT pair could decline to the 50-day SMA ($2.60). Buyers are expected to defend this level because a break below the 50-day SMA could sink the pair to $2.20 and then to $2.

This negative view will be invalidated if the price rises and closes above the downtrend line. The pair could climb to $3.40, which is a strong obstacle. If this resistance is cleared, the pair may jump to $4 and later to $4.84.

Solana price analysis

Solana’s (SOL) rebound off the 61.8% Fibonacci retracement level of $217 is facing selling near $244, but a positive sign is that the bulls have not allowed the price to sustain below the 20-day EMA ($232).

If buyers bulldoze their way through $244, the SOL/USDT pair could reach the stiff overhead resistance of $260. Sellers are expected to defend this level with all their might because a break above it could challenge the all-time high at $296.

Contrarily, if the price turns down and breaks below the 20-day EMA, it will indicate that the bears have not given up. The pair could plunge to the 50-day SMA ($212), which is likely to act as solid support.

BNB price analysis

BNB (BNB) bulls are trying to push the price above the moving averages, where they are expected to face solid selling by the bears.

If the price turns down sharply from the moving averages, it will signal that the bears are trying to take charge. The BNB/USDT pair could skid to $659 and next to $635. Buyers will try to fiercely defend the $635 level, keeping the pair inside the range.

The bulls will gain the upper hand in the near term if the price closes above the moving averages. That could start a rally to $745, which is likely to act as a stiff barrier. A break and close above $745 could propel the pair to $794 and then to $855.

Dogecoin price analysis

Buyers are trying to push Dogecoin (DOGE) back into the channel, but the bears have held their ground.

If the price turns down and breaks below $0.30, it will signal that the bears have flipped the support line into resistance. That increases the likelihood of a drop to the 61.8% Fibonacci retracement level of $0.27.

If bulls want to prevent the decline, they will have to swiftly push the DOGE/USDT pair above the moving averages. That may trap the aggressive bears, starting a recovery to $0.40 and then to the resistance line.

Cardano price analysis

Cardano’s (ADA) relief rally has risen to the 20-day EMA ($0.97), which is an important resistance to watch out for.

If buyers thrust the price above the moving averages, the ADA/USDT pair could rise to $1.02 and then to the overhead resistance at $1.18. Sellers are expected to mount a strong defense at $1.18.

If the price turns down from the moving averages, it will suggest that the bears remain sellers on rallies. A break and close below $0.86 will clear the path for a fall to $0.80 and subsequently to $0.76.

Related: Stablecoin volumes surpassed Visa and Mastercard combined in 2024

Chainlink price analysis

Chainlink (LINK) has been oscillating between $19.25 and $27.41 for several days, indicating buying on dips and selling on rallies.

The price has risen above the moving averages, signaling that the bulls are trying to push the LINK/USDT pair toward the overhead resistance at $27.41. Sellers are expected to aggressively defend the level, but if the bulls prevail, the pair may surge to $30.94 and later to $35.57.

Alternatively, if the price turns down from the current level or the overhead resistance and breaks below the moving averages, it will signal that the pair may extend its stay inside the range for a few more days.

Avalanche price analysis

Avalanche (AVAX) rebounded off the $32.31 to $30.59 support zone on Jan. 29, indicating demand at lower levels.

The relief rally is expected to face selling at the 20-day EMA ($36.04). If the price turns down from the 20-day EMA, the bears will again try to sink the AVAX/USDT pair below the support zone. If they manage to do that, the pair could drop to $25.

Instead, if the price rises above the 20-day EMA, it will suggest that the selling pressure is reducing. The pair could attempt a rally to the 50-day SMA, which will signal a consolidation between $30.59 and $45.05.

Stellar price analysis

Stellar (XLM) bounced off the $0.39 support and rose above the moving averages on Jan. 30, indicating solid buying by the bulls.

The flattish moving averages and the RSI near the midpoint indicate a possible range-bound action in the near term. Buyers will try to push the price to $0.45 and later to the overhead resistance at $0.51.

Contrary to this assumption, if the price turns down from the current level and breaks below $0.39, it will signal that the bears are selling on relief rallies. The XLM/USDT pair could then slump toward $0.31.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.