Cryptocurrencies SOL BONK and FTM highlighted as top picks for the week ahead
The previous week saw a strong recovery in the top cryptocurrencies, with the global market cap increasing by 7% to $2.41 trillion. This surge in valuation, amounting to $160 billion, was largely driven by significant gains in the leading cryptocurrencies.
Here are the top cryptocurrencies to keep an eye on this week:
SOL, BONK, and FMT Prices – May 19 | Source: Santiment
SOL Retests 1-Month High
Solana (SOL) stood out as one of the top-performing cryptocurrencies last week, despite starting with range-bound movements. Initially below the crucial $150 mark, SOL struggled in the face of bearish market conditions. However, following Bitcoin’s 7.52% surge on May 15 in response to U.S. CPI data, the market experienced an uptrend. Solana seized this momentum, climbing by 11.61% and breaking above the upper Bollinger Band resistance on the daily chart.
The launch of a Solana staking program in Europe by the trading platform Robinhood further boosted SOL, closing at $158 on May 15. The coin continued its upward trend, breaching the $170 mark and reaching a one-month high of $176. Closing the week with a 21% gain, Solana emerged as one of the strongest assets during this period.
BONK Breaches 50-Day EMA
Bonk (BONK) began the week with bearish consolidation after a previous downtrend. However, the meme coin capitalized on the market rebound on May 15, recording an 8.42% daily gain and closing at $0.00002153. This increase allowed BONK to confidently breach the 50-day EMA, reaching a 10-day high of $0.00002648 the next day. Despite facing resistance at this level, leading to a 3.9% intraday loss on May 16, BONK remained above the 50-day EMA, indicating bullish momentum.
The following days saw favorable gains, with BONK closing the week with a 13.4% increase, trading at $0.00002601. Bulls are eyeing a breakthrough above the upper Bollinger Band at $0.00002748 to sustain the uptrend, while a pullback to the middle band at $0.00002444 could test the asset’s strength.
FTM Spikes 21% in a Week
Fantom (FTM) started the week on a bearish note compared to the broader market, with a nearly 10% slump in the first three days. However, a market-wide rally post the CPI data release helped FTM recover all losses, surging by 18.22% on May 15 and closing at a monthly peak of $0.7590.
Ending the week with a 21% increase, mirroring Solana’s performance, Fantom is currently priced at $0.8600. To maintain its momentum, FTM must defend the Fibonacci 0.5 zone at $0.7671, while breaking above Fib. 0.618 at $0.8741 could pave the way for a rally above $1.
