Top Cryptocurrencies to Watch This Week: SOL, BONK, FTM
Last week saw a robust recovery in the cryptocurrency market, with the global cap climbing by 7% to $2.41 trillion. Notable performers included Solana (SOL), Bonk (BONK), and Fantom (FTM). SOL capitalized on market momentum, BONK displayed resilience above key levels, and FTM surged on renewed investor interest. Let's explore their recent movements and potential for the week ahead.
The top cryptocurrencies demonstrated a strong recovery last week, pushing the global market cap up by 7% to $2.41 trillion. This surge, reflecting a $160 billion gain, highlighted significant increases in leading cryptocurrencies. Here are the top cryptocurrencies to watch this week:
Solana (SOL) stood out last week despite initial range-bound movements. Starting below $150, it struggled in a bearish market. However, Bitcoin’s (BTC) 7.52% gain on May 15, spurred by the U.S. CPI data release, led to a broader market uptrend. Solana capitalized on this momentum, achieving an 11.61% upswing and breaking above the upper Bollinger Band resistance.
Robinhood’s launch of a Solana staking program in Europe further boosted the coin, closing May 15 at $158. Solana then recorded three consecutive gains from May 16 to 18, breaching $170 and retesting a one-month high of $176. It closed the week with a 21% increase.
Bonk (BONK) began the week with bearish consolidation but rebounded with an 8.42% daily gain on May 15, closing at $0.00002153. This rise led to a breach of the 50-day EMA, a level it had struggled to surpass since May 10. The next day, BONK soared to a 10-day high of $0.00002648 before a price slump resulted in a 3.9% loss on May 16.
Despite this loss, BONK stayed above the 50-day EMA, maintaining bullish momentum. The next two days saw a 9.88% gain, closing the week at $0.00002601. Bulls aim to break the resistance at the upper Bollinger Band ($0.00002748), but a pullback to the middle band ($0.00002444) could test the asset’s strength. BONK ended the week with a 13.4% gain.
Fantom (FTM) began the week on a bearish note, slumping nearly 10% during the first three days. However, the market-wide rally following the CPI data release helped FTM recover, surging 18.22% on May 15 and closing at a monthly peak of $0.7590, its highest since April 20. This upswing, the largest since March 17, 2023, was supported by a rise in the Accumulation/Distribution metric, indicating increased buying activity.
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