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Top cryptocurrencies to watch this week: SOL, BONK, FTM
Major cryptocurrencies demonstrated a robust recovery last week. Global market capitalization increased 7% to $2.41 trillion. This increase reflects a $160 billion valuation gain, driven by significant increases in most major cryptocurrencies.
Here are our picks for the best cryptocurrencies to watch this week:
SOL, BONK and FMT prices – May 19 | Source: Santimento
SOL tries again maximum of 1 month
Solana (SOL) emerged as a major cryptocurrency last week, despite initially seeing range-bound moves.
It started the week below the critical $150 mark and struggled to show strength amid bearish conditions in the broader market.
Following Bitcoin (BTC)’s significant 7.52% gain on May 15th answer Following the release of the US CPI data, the broader market saw an impressive uptrend. Solana took advantage of this momentum by realizing an increase of 11.61%. It eventually broke above the upper Bollinger band resistance on the daily chart.
When trading on the Robinhood platform launched As part of a Solana staking program in Europe, the coin closed on May 15 at a price of $158, looking to capitalize on the existing uptrend for more substantial gains.
The asset posted three consecutive intraday gains from May 16-18, breaking out of the coveted $170 territory to retest the one-month high of $176. Solana closed last week up 21%, making it one of the best performing assets this period.
BONK breaks above the 50-day EMA
Bonk (BONK) also started last week with a bearish consolidation after the bearish trend observed the previous week. But the meme coin capitalized on the market rally on May 15 to post a daily gain of 8.42%, closing the day at $0.00002153.
This rally led to a confident breakout of the 50-day EMA, which BONK has been struggling to break above since May 10. The crypto token rose to a 10-day high of $0.00002648 the next day, but resistance at this price level led to a price collapse, resulting in an intraday loss of 3.9% on May 16 .
Despite this loss, BONK remained above the 50-day EMA, suggesting continued bullish momentum. The next two days were particularly favorable, recording a gain of 9.88%. With BONK changing hands at $0.00002601, the bulls will try to break out of the upper Bollinger band resistance ($0.00002748) to sustain the uptrend.
However, a pullback towards the middle band at $0.00002444 could test the asset’s strength, as a drop below this level would mark a free fall to retest the 50-day EMA. BONK closed last week with a gain of 13.4%.
FTM increases 21% in a week
Ghost (FTM) started last week on a more bearish note than the broader market. The asset fell nearly 10% during the first three days of the week, while other tokens witnessed range-bound price action.
Nonetheless, the entire market rally in the wake of the release of consumer price index data helped FTM recover all these losses. As a result, it rose an impressive 18.22% on May 15, eventually closing the day with a monthly high of $0.7590. The last time Fantom closed a daily candle at this level was April 20th.
This massive rally, which marked Fantom’s largest intraday gain since March 17, 2023, was supported by an increase in the Accumulation/Distribution metric. Notably, the indicator saw an increase from FTM 1.197 billion on May 14 to FTM 1.308 billion on May 16, suggesting increased buying activity.
Ghost ended the week with a 21% increase, mirroring Solana’s recovery. At its current price of $0.8600, the asset is expected to fervently defend the 0.5 Fibonacci zone ($0.7671) to protect against any declines to last week’s lows below $0.6600. Conversely, a push above Fib. 0.618 ($0.8741) could set the stage for a rally above $1.