MOVR, SOL, OP: The Must-Watch Cryptocurrencies of the Week
The global market capitalization of the cryptocurrency industry experienced a significant increase of $100 billion this week, driven by the impressive performances of Moonriver (MOVR), Solana (SOL), and Optimism (OP).
Moonriver initially faced bearish pressure at the beginning of the week but managed to break free and make substantial gains as the week progressed. Starting at a value of $6.6141, the token traded within the range of $6.1253 and $6.8328. On December 21, Moonriver witnessed a breakthrough due to increased investor demand and social mentions. It rallied 68% from $6.7233 to $11.35, but faced resistance at this level, resulting in an 11.06% drop within three hours. Despite a subsequent collapse, Moonriver held above the $9 psychological threshold. Eventually, on December 23, the token spiked by 146%, reaching $23.978 and breaking multiple resistance points. Today, it rallied to a 19-month high of $44, marking a 170% increase for the day and a 378% increase for the week.
Solana, on the other hand, has been on an impressive run for the past few months. Despite some critics predicting a correction in its gains, SOL continued its upward trajectory this week. It started with a 5% intraday gain on December 18, closing above $70. The bears briefly took control the next day, but Solana defended the support level at $71.78, recording only a 1.91% intraday loss. Since then, SOL has surged and breached the crucial $100 psychological level for the first time since April 2022, reaching a high of $118. Currently, it is trading at $110.07, up 14% for the day and 55% for the week. Solana surpassed XRP in market capitalization earlier this week, becoming the fifth-largest token, and even flipped BNB to secure the fourth spot with a market cap above $47 billion.
Optimism also had a remarkable week, aiming for new all-time highs. Similar to Moonriver, the token started the week with a slow performance, consolidating between $1.957 and $2.278. However, on December 21, Optimism experienced a significant surge, leading to a 12.19% intraday increase and breaking above the $2.5 resistance level. The momentum continued on December 22, with a 37% gain, one of its largest intraday gains this year. Although it faced resistance at $3.535 the following day, Optimism reached a new all-time high of $3.842 before experiencing a decline. Nevertheless, it has managed to hold above the $3.5 price support. Today, Optimism is up by 65%.
In summary, the cryptocurrency industry witnessed a substantial increase in market capitalization this week, primarily driven by the impressive performances of Moonriver, Solana, and Optimism. These tokens experienced significant spikes, reaching new highs and attracting investor attention.
