Top cryptocurrencies have shown strong recoveries over the past week. Global market capitalization surged 7%, reaching $2.41 trillion. This increase reflected a $160 billion increase in value, driven by significant gains for most major cryptocurrencies.
Here are our picks for the best cryptocurrencies to watch this week:
SOL, 1-month high retest
Solana (SOL) emerged as one of the top cryptocurrencies last week despite initially experiencing range-limited moves.
It started the week below the $150 threshold and struggled to show strength amid weakness in the broader market.
The broader market experienced an impressive rally after Bitcoin (BTC) posted a significant 7.52% gain on May 15 following the release of US CPI data. Solana leveraged this momentum to achieve an 11.61% gain. It eventually crossed the upper Bollinger Band resistance line on the daily chart.
When trading platform Robinhood launched its Solana staking program in Europe, the coin closed at a price of $158 on May 15, looking to ride the existing upward trend and make more tangible gains.
The asset recorded three consecutive days of gains from May 16 to 18, breaching the coveted $170 zone and retesting its one-month high of $176. Solana closed last week up 21%, making it one of the best-performing assets during this period.
BONK violates 50-day EMA
Bonk (BONK) also started last week with a bearish consolidation, following the downward trend observed last week. However, Meme Coin took advantage of the market resurgence on May 15, posting a daily gain of 8.42%, closing at $0.00002153.
This rise puts BONK confidently breaching the 50-day EMA, which it has been struggling to achieve since May 10th. The next day, the cryptocurrency token soared to a 10-day high of $0.00002648, but resistance at this price level caused the price to crash, resulting in an intraday loss of 3.9% on May 16.
Despite these losses, BONK remained above the 50-day EMA, suggesting that bullish momentum remains. The next two days were particularly strong, with a gain of 9.88%. With BONK changing hands at $0.00002601, the bulls are likely to break above the resistance at the upper Bollinger Band ($0.00002748) to maintain the uptrend.
However, a move back to the middle band of $0.00002444 could provide a real test of the asset’s strength. Because a drop below this level would mean a free fall that could lead to a retest of the 50-day EMA. BONK closed last week up 13.4%.
FTM surged 21% in one week.
Phantom (FTM) started last week weaker than the overall market. In the first three days of the week, the asset fell nearly 10%, while other tokens witnessed range-bound price movements.
Nonetheless, the market-wide rally following the release of CPI data helped FTM recoup all of these losses. As a result, it soared by a whopping 18.22% on May 15, eventually closing at $0.7590, the monthly high. The last time Phantom closed a daily candle at this level was on April 20th.
This massive rally, which marked Fantom’s largest intraday gain since March 17, 2023, was driven by gains in accumulation/distribution metrics. Notably, this indicator increased from 1.197 billion FTM on May 14 to 1.38 billion FTM on May 16, suggesting an increase in purchasing activity.
Fantom ended the week with a 21% increase, mirroring Solana’s gains. At the current price of $0.8600, the asset will need to zealously defend the Fibonacci 0.5 area ($0.7671) to avoid a decline below last week’s low of $0.6600. Conversely, a push above Fib. 0.618 ($0.8741) could set the stage for a rally above $1.