🔥 Top cryptocurrencies to watch this week: SOL, BONK
📈 SOL retests 1-month high
Solana (SOL) emerged as one of the top cryptocurrencies last week, despite experiencing range-bound movements initially.
It began the week below the critical $150 threshold 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 U.S. CPI data release, the broader market experienced an impressive uptrend. Solana capitalized on this momentum, achieving an 11.61% upswing. It ultimately broke above the resistance at the upper Bollinger Band on the daily chart.
When trading platform Robinhood launched a Solana staking program in Europe, the coin closed May 15 at a $158 price, looking to ride on the existing uptrend for more substantial gains.
The asset recorded three consecutive intraday gains from May 16 to 18, breaching the much-coveted $170 territory to retest a one-month high of $176. Solana closed last week with a 21% uptick, making it one of the best-performing assets within this period.
📈 BONK breaches 50-day EMA
Bonk (BONK) also began last week with a bearish consolidation following the downtrend observed in the previous week. But the meme coin capitalized on the market resurgence on May 15 to record an 8.42% daily gain, closing the day at $0.00002153.
This upswing led to a confident breach of the 50-day EMA, which BONK has been battling to surpass since May 10. The crypto token soared to a 10-day high of $0.00002648 the next day, but the resistance at this price level resulted in a price slump, leading to a 3.9% intraday loss on May 16.
Despite this loss, BONK remained above the 50-day EMA, suggesting a retention of the bullish momentum. The next two days were particularly favorable, bringing in a 9.88% gain. With BONK changing hands at $0.00002601, the bulls would look to break above the resistance at the upper Bollinger Band ($0.00002748) to sustain the uptrend.
