Solana

April

Fantom

Bonk

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Top cryptocurrencies demonstrated a robust recovery last week. The global market cap surged by 7% to reach $2.41 trillion. This increase reflected a $160 billion gain in valuation, driven by significant rises in most of the leading cryptocurrencies.&nbsp; 
Here are our picks for the top cryptocurrencies to watch this week:&nbsp; 
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 <img loading="lazy" decoding="async" width="1024" height="347" src="https://crypto.news/app/uploads/2024/05/Solana-SOL-17.27.54-19-May-2024-1024x347.png" alt="Top cryptocurrencies to watch this week: SOL, BONK, FTM - 19"> 
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 SOL, BONK and FMT prices – May 19 | Source: Santiment
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<h2 class="wp-block-heading" id="sol-retests-1-month-high">SOL retests 1-month high</h2> 
Solana (<a href="https://crypto.news/price/solana/" rel="">SOL</a>) 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 <a href="https://crypto.news/bitcoin-ethereum-price-inflation-report/" rel="">response</a> 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 <a href="https://crypto.news/robinhood-europe-solana-staking/" rel="">launched</a> 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.&nbsp; 
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.&nbsp; 
 You might also like: <a href="https://crypto.news/scaramucci-btc-institutional-investing-happening-now/" rel=""> Scaramucci: Bitcoin institutional investing ‘happening now’ </a> 
<h2 class="wp-block-heading" id="bonk-breaches-50-day-ema">BONK breaches 50-day EMA</h2> 
Bonk (<a href="https://crypto.news/price/bonk/" rel="">BONK</a>) 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.&nbsp; 
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. 
However, a pullback toward the middle band at $0.00002444 could test the asset’s strength substantially, as a drop below this level would mark a free fall to retest the 50-day EMA. BONK closed last week with a 13.4% gain. 
<h2 class="wp-block-heading" id="ftm-spikes-21-in-a-week">FTM spikes 21% in a week</h2> 
Fantom (<a href="https://crypto.news/price/fantom/" rel="">FTM</a>) started last week on a more bearish note than the broader market. The asset slumped by nearly 10% during the first three days of the week while other tokens witnessed range-bound price action.&nbsp; 
Nonetheless, the market-wide rally on the back of the CPI data release helped FTM recoup all these losses. As a result, it surged by an impressive 18.22% on May 15, eventually closing the day at a monthly peak of $0.7590. The last time Fantom closed a daily candle at this level was on April 20. 
This massive upswing, which marked Fantom’s largest intraday gain since March 17, 2023, was buoyed by a rise in the Accumulation/Distribution metric. Notably, the indicator witnessed an increase from 1.197 billion FTM on May 14 to 1.308 billion FTM on May 16, suggesting an increase in buying activity. 
<a href="https://crypto.news/fantom-leads-altcoin-rally-near-protocol-eyes-10-as-gfox-meme-coin-pumps-30/" rel="">Fantom</a> ended the week with a 21% increase, mirroring Solana’s upswing. At its current price of $0.8600, the asset would need to defend the Fibonacci 0.5 zone ($0.7671) fervently to hedge against any declines to last week’s lows below $0.6600. Conversely, a push above Fib. 0.618 ($0.8741) could set the stage for a rally above $1. 
 Read more: <a href="https://crypto.news/bitcoin-etf-april-outflows/" rel=""> Bitcoin ETFs compensate April outflows, analyst predicts long-term returns </a>

Top cryptocurrencies to watch this week: SOL, BONK, FTM

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