The cryptocurrency market experienced a notable downturn today, with altcoins broadly declining as Bitcoin pulled back from the rally.

Leading altcoins XRP and Solana (SOL) each saw significant drops of approximately 5%, reflecting a cautious market sentiment amid macroeconomic uncertainties and shifting investor dynamics.

The cryptocurrency market experienced a notable downturn today, with altcoins broadly declining as Bitcoin pulled back from the rally.

Leading altcoins XRP and Solana (SOL) each saw significant drops of approximately 5%, reflecting a cautious market sentiment amid macroeconomic uncertainties and shifting investor dynamics.

In the past 24 hours, Bitcoin (BTC) fell 1.39% to $102,700.46 while marking a weekly high above $105K on May 12. Its trading volume has also shrinked 8% today.

After briefly surpassing $105,000 earlier this week, Bitcoin faced resistance at the $103,000 level, triggering profit-taking and a subsequent ripple effect across the broader crypto market.

Anticipation around the weekly closing and $3.1 billion of options expiry on Friday contributed to the retreat, according to Ben Armstrong, a crypto trader and analyst.

At the same time, anticipation around a potential spot Bitcoin ETF drove a strong rally in recent days, but traders grew cautious ahead of the U.S. Securities and Exchange Commission’s (SEC) decision.

Altcoins Fell In Market Reaction

In a bearish reaction, XRP dropped to $2.47, a 5% decline from its daily high. Despite earlier bullish momentum driven by speculation around spot XRP ETF approvals and Ripple’s expanding partnerships, XRP price struggled to maintain support above $2.60.

Technical analysts point to a bearish pattern, with XRP trading below its 50-day exponential moving average (EMA), signaling potential further downside if support at $2.44 fails.

Solana (SOL) mirrored XRP’s decline, falling to $170, down 5.44% in the last 24 hours. Solana’s price action reflects a broader correction in high-performance blockchain tokens, with the $165-$170 level now acting as a critical support zone.

Other major altcoins, including Ethereum (ETH) and Binance Coin (BNB), also faced losses. Ethereum dipped to $2,550, a 2.43% decline, while BNB fell to $650, down 2% in the past 24 hours.

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As per CoinMarketCap data, the crypto market cap today sits at $3.29 trillion with a 24 hour trading volume of $117.73 billion.

Also read: Bitcoin and Ethereum Pull Back Ahead of $3.1B in Option Expiry