Top cryptocurrencies showed a strong recovery last week. The global market value increased by 7% to reach $2.41 trillion. This increase reflects a $160 billion increase in valuation, driven by significant gains in most leading cryptocurrencies.
Here are our picks for the top cryptocurrencies to watch this week:
SOL is retesting its one-month high
Solana (SOL) emerged as one of the top cryptocurrencies last week, despite initially experiencing range-bound moves.
It started the week below the critical $150 level and struggled to show strength amid bearish conditions in the broader market.
Following Bitcoin's (BTC) significant 7.52% gain on May 15 in response to the release of US CPI data, the broader market has seen an impressive uptrend. Solana capitalized on this momentum, posting an 11.61% rise. Finally, the price broke above the resistance level at the upper border of the Bollinger Bands on the daily chart.
When trading platform Robinhood launched its Solana staking program in Europe, the coin closed on May 15 at $158, looking to ride the current uptrend for more substantial gains.
The asset posted three consecutive intraday gains from May 16-18, breaching the much-coveted $170 area to retest its one-month high at $176. Solana closed last week up 21%, making it one of the best-performing assets during this period.
BONK breaks above the 50-day EMA
Bonk (BONK) also started last week with a bearish consolidation following the downtrend observed the previous week. But the meme coin benefited from the market recovery on May 15, recording daily gains of 8.42%, closing the day at $0.00002153.
This rally led to a confident breakout of the 50-day moving average, which BONK has been struggling to surpass since May 10. The cryptocurrency token rose to a 10-day high of $0.00002648 the next day, but resistance at that price level pushed prices back, resulting in a 3.9% intraday loss on May 16.
Despite this loss, BONK remained above the 50-day moving average, indicating that bullish momentum is maintained. The next two days were particularly favorable, with gains of 9.88%. With BONK changing hands at $0.00002601, the bulls will look to break the resistance at the upper border of the Bollinger Band ($0.00002748) to sustain the uptrend.
However, a pullback towards the middle band at $0.00002444 could test the strength of the asset significantly, as a drop below this level would represent a free fall to retest the 50-day EMA. BONK stock closed last week with a gain of 13.4%.
FTM index rises by 21% in a week
Fantom (FTM) started last week on a more bearish note than the broader market. The asset fell approximately 10% over the first three days of the week while other tokens saw range-bound price action.
However, the rise witnessed in the market on the back of the release of CPI data helped FTM recover all these losses. As a result, it rose a staggering 18.22% on May 15, closing the day at a monthly peak of $0.7590. The last time Fantom closed a daily candle at this level was on April 20.
This massive rally, which represented Fantom's biggest intraday gain since March 17, 2023, was fueled by a rising accumulation/distribution metric. Notably, the index saw an increase from 1.197 billion FTM on May 14 to 1.308 billion FTM on May 16, indicating an increase in buying activity.
Fantom finished the week up 21%, reflecting Solana's rise. At its current price of $0.8600, the asset would need to defend the 0.5 Fibonacci area ($0.7671) aggressively to hedge against any declines to last week's lows below $0.6600. On the contrary, boost above fib. 0.618 ($0.8741) could pave the way for a rise above $1.