High cryptocurrencies demonstrated a strong restoration final week. The worldwide market cap surged by 7% to succeed in $2.41 trillion. This enhance mirrored a $160 billion acquire in valuation, pushed by important rises in many of the main cryptocurrencies.
Listed here are our picks for the highest cryptocurrencies to observe this week:
SOL retests 1-month excessive
Solana (SOL) emerged as one of many prime cryptocurrencies final week, regardless of experiencing range-bound actions initially.
It started the week under the vital $150 threshold and struggled to indicate power amid bearish situations within the broader market.
Following Bitcoin’s (BTC) important 7.52% acquire on Might 15 in response to the U.S. CPI knowledge launch, the broader market skilled a formidable uptrend. Solana capitalized on this momentum, reaching an 11.61% upswing. It in the end 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 worth, seeking to journey on the present 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 in the marketplace resurgence on Might 15 to document an 8.42% each day acquire, 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 worth stage resulted in a worth stoop, 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 subsequent two days have been notably favorable, bringing in a 9.88% acquire. With BONK altering fingers at $0.00002601, the bulls would look to interrupt above the resistance on the higher Bollinger Band ($0.00002748) to maintain the uptrend.
Nonetheless, a pullback towards the center band at $0.00002444 might check the asset’s power considerably, as a drop under this stage would mark a free fall to retest the 50-day EMA. BONK closed final week with a 13.4% acquire.
FTM spikes 21% in per week
Fantom (FTM) began final week on a extra bearish be aware than the broader market. The asset slumped by almost 10% throughout the first three days of the week whereas different tokens witnessed range-bound worth motion.
Nonetheless, the market-wide rally on the again of the CPI knowledge launch helped FTM recoup all these losses. Because of this, it surged by a formidable 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 stage was on April 20.
This huge upswing, which marked Fantom’s largest intraday acquire 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% enhance, mirroring Solana’s upswing. At its present worth 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) might set the stage for a rally above $1.