Prime cryptocurrencies demonstrated a strong restoration final week. The worldwide market cap surged by 7% to achieve $2.41 trillion. This improve mirrored a $160 billion achieve in valuation, pushed by important rises in many of the main cryptocurrencies.
Listed below are our picks for the highest cryptocurrencies to look at this week:
SOL retests 1-month excessive
Solana (SOL) emerged as one of many high cryptocurrencies final week, regardless of experiencing range-bound actions initially.
It started the week under the essential $150 threshold and struggled to point out power amid bearish circumstances within the broader market.
Following Bitcoin’s (BTC) important 7.52% achieve on Might 15 in response to the U.S. CPI information launch, the broader market skilled a powerful uptrend. Solana capitalized on this momentum, attaining an 11.61% upswing. It finally broke above the resistance on the higher Bollinger Band on the each day chart.
When buying and selling platform Robinhood launched a Solana staking program in Europe, the coin closed Might 15 at a $158 value, trying to journey on the prevailing uptrend for extra substantial beneficial properties.
The asset recorded three consecutive intraday beneficial properties from Might 16 to 18, breaching the much-coveted $170 territory to retest a one-month excessive of $176. Solana closed final week with a 21% uptick, making it one of many best-performing property inside this era.
BONK breaches 50-day EMA
Bonk (BONK) additionally started final week with a bearish consolidation following the downtrend noticed within the earlier week. However the meme coin capitalized available on the market resurgence on Might 15 to report an 8.42% each day achieve, closing the day at $0.00002153.
This upswing led to a assured breach of the 50-day EMA, which BONK has been battling to surpass since Might 10. The crypto token soared to a 10-day excessive of $0.00002648 the following day, however the resistance at this value degree resulted in a value droop, resulting in a 3.9% intraday loss on Might 16.
Regardless of this loss, BONK remained above the 50-day EMA, suggesting a retention of the bullish momentum. The following two days had been notably favorable, bringing in a 9.88% achieve. With BONK altering palms at $0.00002601, the bulls would look to interrupt above the resistance on the higher Bollinger Band ($0.00002748) to maintain the uptrend.
Nevertheless, a pullback towards the center band at $0.00002444 may take a look at the asset’s power considerably, as a drop under this degree would mark a free fall to retest the 50-day EMA. BONK closed final week with a 13.4% achieve.
FTM spikes 21% in every week
Fantom (FTM) began final week on a extra bearish notice than the broader market. The asset slumped by almost 10% in the course of the first three days of the week whereas different tokens witnessed range-bound value motion.
Nonetheless, the market-wide rally on the again of the CPI information launch helped FTM recoup all these losses. Consequently, it surged by a powerful 18.22% on Might 15, ultimately closing the day at a month-to-month peak of $0.7590. The final time Fantom closed a each day candle at this degree was on April 20.
This large upswing, which marked Fantom’s largest intraday achieve since March 17, 2023, was buoyed by an increase within the Accumulation/Distribution metric. Notably, the indicator witnessed a rise from 1.197 billion FTM on Might 14 to 1.308 billion FTM on Might 16, suggesting a rise in shopping for exercise.
Fantom ended the week with a 21% improve, mirroring Solana’s upswing. At its present value of $0.8600, the asset would wish to defend the Fibonacci 0.5 zone ($0.7671) fervently to hedge towards any declines to final week’s lows under $0.6600. Conversely, a push above Fib. 0.618 ($0.8741) may set the stage for a rally above $1.
