The previous week saw a strong recovery in the top cryptocurrencies, with the global market cap rising by 7% to $2.41 trillion. This increase was driven by a $160 billion gain in valuation, mainly fueled by significant price hikes in leading cryptocurrencies.
Here are the top cryptocurrencies to keep an eye on this week:
SOL retested its 1-month high, emerging as a standout performer. Despite starting the week below $150, Solana (SOL) struggled initially but gained momentum following Bitcoin’s 7.52% surge on May 15. The launch of a Solana staking program in Europe by Robinhood further boosted SOL, closing the week at $158 and hitting a high of $176. With a 21% increase, SOL was among the best-performing assets last week.
BONK breached the 50-day EMA after a bearish start but capitalized on the market resurgence to record an 8.42% gain on May 15. Despite a price slump on May 16, BONK remained above the 50-day EMA, closing the week with a 13.4% gain.
FTM had a more bearish start but rallied after the market-wide surge, gaining 18.22% on May 15. With a 21% increase for the week, Fantom closed at $0.8600, aiming to defend the Fibonacci 0.5 zone at $0.7671 to prevent any declines below $0.6600.
Overall, the top cryptocurrencies demonstrated a strong recovery last week, with impressive gains and promising outlooks for the week ahead.