Wider Crypto Market Shows Choppy Trading with Major Altcoins Facing Short-Term Downward Pressure

The wider crypto market showed choppy trading recently with major altcoins facing short-term downward pressure as of May 6 (UTC).

The broader cryptocurrency market displayed choppy trading on Friday, May 6 (UTC), with major altcoins facing short-term downward pressure.

Tokens such as Pi (PI), XRP, Sui (SUI), Solana (SOL), and Ethereum (ETH) struggled to maintain gains as sellers had the upper hand during the intraday sessions.

Despite attempts at recovery, most assets formed lower highs and encountered resistance near key price zones. Market volume remained elevated, suggesting active participation, although a large portion appeared to be driven by selling pressure rather than accumulation.

Close observation of support and resistance levels is crucial for navigating these short-term price changes.

Pi (PI): Stalling Below Key Resistance

Pi encountered headwinds as it approached the $0.592 level after failing to hold its intraday highs. The price decreased by 0.54% over 24 hours, settling at $0.5891. Despite minor rebounds, resistance at $0.5905 continued to exert pressure on buyers.

Support levels at $0.5845 and $0.586 managed to hold during dips. However, the trend remained neutral to bearish as the token fluctuated between short bursts of gains and rapid sell-offs. Volume remained moderate at $37.65 million, suggesting a lack of strong conviction in either direction.

XRP: Sharp Drops and Lower Highs Prevail

XRP was one of the most actively traded tokens, with a 24-hour volume of $2.51 billion. The price dropped by 3.50%, settling at $2.09. Resistance at $2.18 and $2.16 had a strong presence, while support levels near $2.08 showed signs of stress. A breakdown below this level could expose the next support at $2.06.

The downtrend was evident, with momentum weakening and consistent lower highs forming. Strong volume indicated that sellers were actively exiting their positions, contributing to the bearish tone.

SUI: High Activity, Weak Finish

Sui experienced a 1.44% price decline to $3.36, with frequent swings throughout the day. While buyers attempted to recover from declines near $3.32 and $3.35, resistance at $3.45 and $3.40 limited upward moves.

Trading volume surged by 33.72%, signaling possible profit-taking activity. The price action turned bearish by the day’s end, erasing earlier gains and confirming weakness in bullish sentiment.

Solana (SOL): Failed Recoveries Highlight Bearish Momentum

Solana’s price dipped 1.09% to $145.20 after two failed attempts to recover from declines. Resistance remained strong at $147.00 and $146.00, adjusting slightly from the previous analysis. On the support side, key levels to watch were at $144.00 and $143.00.

The pattern showed a clear inability to sustain upward moves, reflecting increasing bearish momentum. Volume increased to $2.14 billion, confirming significant trading interest in the token.

Ethereum (ETH): Rejections Keep Price Downward

Ethereum closed the day at $1,806.22, down 1.09%, as buyers failed to break through the resistance at $1,818.60 and $1,820.00. Key support levels at $1,800 and $1,795 were now crucial to monitor.

Despite brief efforts to recover, the overall trend was tilting bearish. A slight decrease in volume to $10.14 billion indicated cautious market behavior.