The cryptocurrency market has seen a strong recovery, with a $170-billion increase in valuation, lifting the market cap by 8% to $2.26 trillion. Among the standout performers, Solana (SOL), Fetch.ai (FET), and Render (RNDR) are drawing significant attention. Hereās what to keep an eye on with these top contenders this week:
Solana ($SOL): Aiming for $160
Last week, Solana rose 12%, reaching a two-week high of $162 on August 24, despite ongoing challenges with its ETF product. SOL ended the week strong, currently trading at $157.17. Crucially, it remains above the 200-day EMA at $140.12, indicating continued bullish momentum.
Key Levels to Watch 
- Support: Holding above the 200-day EMA and key support at $153.18 is essential for maintaining the upward trend.
- Resistance: Look for a retest of the $160-$162 resistance zones, which could open the door for further gains.
- Indicators: The Chande Kroll Stop suggests a Stop Long at $145.22 and Stop Short at $153.18. A break below $153.18 could signal a bearish reversal, so keep a close watch on this level.
Fetch.ai ($FET): A 50% Surge
Fetch.ai was one of last weekās top gainers, jumping 50% and reclaiming the $1 mark. On August 24, FET hit a monthly high of $1.3 before pulling back to $1.249.
Key Levels to Watch:
- Support: Strong support is found at $1.063 and $0.945, with a critical pivot at $1.255.
- Resistance: Immediate resistance levels are at $1.447 and $1.565. A break above these could target the 200-day EMA at $1.766.
- Indicators: FET is trading above the 50-day EMA at $1.108, reflecting midterm bullish momentum. However, it remains below the 200-day EMA, indicating lingering long-term bearish sentiment.
Render (RNDR): Breaching the Upper Bollinger Band
Render had an outstanding week, rising 37% and reclaiming the $6 mark. Currently trading at $6.153, RNDR is above the Upper Bollinger Band at $5.894, often signaling overbought conditions.
Key Levels to Watch:
- Resistance: If the current momentum continues, RNDR could target higher levels around $6.5 and potentially $7.0.
- Support: A drop below the Upper Band might lead to a retest of the 21-day moving average at $4.875.
- Indicators: The ADX at 33.25 supports the idea of sustained upward momentum, with a bullish bias confirmed by +DI at 28.35 and -DI at 16.63.
Investment Insights
- Solana must hold above $153.18 to sustain its bullish trend, with a strong focus on the $160-$162 resistance.
- Fetch.ai could see further gains if it breaks above its immediate resistance levels, targeting the 200-day EMA.
- Render may face a consolidation phase, but if momentum holds, it could push towards the $7.0 mark.
Stay ahead by monitoring these top movers! Like and follow for more updates on key cryptocurrencies and market trends!
