A sharp divergence unfolded across the cryptocurrency market on Thursday as major alternative digital assets struggled under heavy selling pressure while select tokens managed significant counter-trend advances. Ripple dropped by more than 2%, sliding below the critical $1.30 mark and remaining constrained beneath key moving average barriers. Concurrently, Solana shed 2% to test the psychological $100 threshold and its long-term 200-day exponential moving average amid persistent distribution. In stark contrast, Hyperliquid jumped 7%, reclaiming its 50-day EMA at $81.21 and demonstrating renewed bullish participation across spot trading desks.
Underpinning the weakness across large-cap altcoins is a noticeable pause in institutional capital flows. Both XRP and HYPE saw zero net institutional inflows on Wednesday, with broader weekly metrics revealing net outflows of $3.61 million for XRP and $4.30 million for Hyperliquid. The absence of sustained institutional accumulation has left asset prices vulnerable to technical overhead, limiting the market's capacity to absorb ongoing spot supply.
Ripple Confronts Crucial Downside Support Levels
Ripple has retreated beneath its downward trendline barrier positioned at $1.3216, confirming that recent upward pushes have failed to flip overhead resistance into support. Technical momentum indicators reflect an underlying market that is soft rather than deeply oversold. On the daily chart, the Relative Strength Index sits near the 40 mark, while the Moving Average Convergence Divergence indicator remains flat inside negative territory, signaling that near-term upside attempts are likely to remain constrained.
From a structural standpoint, a confirmed breakdown below $1.2588, which represents the swing low established on August 21, could accelerate downside momentum toward the August 2 peak near $1.0933. Conversely, if buyers stage a recovery, initial resistance is expected at the trendline zone around $1.3216. A breakout above this mark would lead into the 50-day EMA at $1.3574, followed by a heavier structural ceiling anchored by the 200-day EMA at $1.3891.
Solana Tests the Critical $100 Barrier and Long-Term Moving Average
Solana traded around the pivotal $100 area on Thursday, preserving a negative bias over the near-term horizon. The asset remains depressed below its 50-day EMA at $105 while defending support at its 200-day EMA of $98.36. Live market data places SOL at $100.25, reflecting a 2.01% decline from its previous close of $102.31. Over the trailing 52 weeks, prices have fluctuated within a range of $60.41 to $124.62, while current trading volume stands at 1.24 times the 20-day moving average.
The 14-day RSI hovers between 35 and 36, positioned marginally above oversold conditions. The MACD line sits at -2.62 against a signal line of -2.29, creating a negative histogram reading of -0.33 that underlines persistent downward pressure. The 20-day Bollinger Bands span from $98.69 to $110.02 with a middle band at $104.36, encapsulating current price action. The Average Directional Index reading of 26 signals a trending environment, while Stochastic lines show the fast indicator at 14 and the signal line at 24. With an Average True Range of 3.83 offering an indicative volatility buffer, 20-day structural support sits near $98.80 against resistance at $113.15. A decisive close below the 200-day EMA at $98.36 could expose the rising trendline support near $87.26. On the upside, reclaiming the 50-day EMA at $105.44 remains necessary to shift momentum, with pivot levels identified at a central pivot of $100.80, resistance at $102.30 and $104.35, and support at $98.75 and $97.24.
Hyperliquid Builds Constructive Momentum Above Dynamic Support
Decoupling from broader sector headwinds, Hyperliquid traded comfortably above $86.00 on Thursday, preserving a constructive structure. The asset maintains a healthy buffer above both its 50-day EMA at $81.82 and its 200-day EMA at $67.77, ensuring that the primary upward trend remains intact despite sporadic market turbulence. Momentum oscillators reinforce this strength, with the RSI printing near 59 and the MACD holding firm in positive territory, pointing to sustained buyer dominance.
For Hyperliquid, immediate overhead resistance is situated at the September 3 high of $88.14. A clear breakout through this level would open an advance toward the September 23 high of $98.30 and the psychological $100 threshold. On the downside, initial dynamic protection rests at the 50-day EMA near $81.82. Should selling pressure intensify, longer-term structural support is anchored by the ascending trendline near $76.07 and the 200-day EMA at $67.77, zones where dip-buying demand is anticipated to emerge.
Macro Headwinds and Broader Token Declines
The broader digital asset landscape mirrored these defensive conditions, as reflected in Pi Network declining toward nearby support at $0.0740. Investor sentiment suffered as the Fear and Greed Index retreated to 43, accompanied by more than $350 million in total market liquidations over a 24-hour window, confirming an aggressive sell-side tilt. Stellar similarly relinquished portions of its recent gains alongside Ripple as bearish derivatives positioning and cautious on-chain metrics weighed on trading activity.
Cardano experienced acute selling pressure as well, dropping over 4% on Thursday to breach the $0.2000 level. This widespread retreat coincided with macroeconomic developments in the United States, where the Federal Reserve concluded its two-day October monetary policy meeting on Wednesday by maintaining the federal funds rate steady at 3.75%-4.00%. Meanwhile, Bitcoin traded around $81,800 on Friday, recording modest weekly losses. Even with this consolidation, institutional appetite for the primary cryptocurrency showed signs of resilience, with spot exchange-traded funds securing $442.67 million in net inflows through Thursday.
