As the U.S. plans to introduce significant tax relief for crypto projects, the market is abuzz with potential impacts on leading tokens like Solana and XRP.
New U.S. Tax Initiative
The United States is preparing to introduce a zero capital gains tax policy for crypto projects made domestically. Eric Trump, son of President Donald Trump, recently suggested that the Trump administration might implement this policy. Such measures are aimed at boosting crypto innovation and attracting investments in this area.
Technical Analysis of Solana (SOL)
On the backdrop of potential tax changes, Solana (SOL) has seen a 36% rise over the past 30 days. The 4H chart shows a symmetrical triangle pattern—a classic sign of price consolidation that could break in either direction. SOL is currently trading at $258.61. If it breaks out of this range, the next resistance levels are at $271 and $295. The MACD indicator shows early bullish momentum, hinting at possible further price increases.
Technical Analysis of XRP (XRP)
Similar trends are observed with XRP, which has gained 44% in the same period. XRP is trading at $3.14 and nearing resistance at the 25 SMA. A breakout above current levels could target $3.28 and $3.40. The MACD indicator for XRP shows a neutral dynamic, but a bullish crossover could signal further upward movement.
As Solana and XRP approach critical resistance levels in symmetrical triangle patterns, their next moves could define short-term market direction. Investors should closely monitor these setups, as breakouts from such patterns are often accompanied by increased volume and volatility. The broader market backdrop, including potential U.S. tax relief policies, adds an interesting macroeconomic layer to these developments.
