Top Cryptos to Watch This Week: Axelar, Solana, and PI Surge Ahead!
Cryptocurrency Market Sees Sharp Fluctuations Amid High Geopolitical Tensions
As geopolitical uncertainties increase and the Federal Reserve maintains stable interest rates for the sixth month in a row, the cryptocurrency market experiences heightened volatility.
Bitcoin (BTC) has witnessed a dramatic decline, plummeting from a record peak of $111,695 in May to under $102,000 by June 22, prompting a wave of selling among traders.
Additionally, several leading altcoins faced significant losses, including AB (AB), SPX6900 (SPX), Fartcoin (FARTCOIN), Virtuals Protocol (VIRTUAL), Sonic (S), and Story (IP), each suffering drops exceeding 20%.
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Key Cryptocurrencies to Monitor This Week
This week, investors are particularly focused on Solana (SOL), Axelar (AXL), and Pi Network (PI). These cryptocurrencies are expected to be influenced by important token unlock events and significant technical indicators, presenting both challenges and opportunities for traders.
Solana shows signs of a potential recovery due to a bullish flag pattern, while Axelar may continue experiencing downward pressure as it struggles to maintain crucial technical support. Meanwhile, excitement builds around Pi Network’s Pi Day 2 event on June 28, which may revive positive momentum with anticipated developer announcements and the conclusion of a notable domain auction.
Solana: Anticipated Token Unlock
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Solana is set to attract attention as it prepares to unlock tokens valued at over $255 million on Monday. Generally, token unlock events can exert bearish influence by introducing additional tokens into the market.
Alongside this unlock, Solana’s price may face scrutiny as a considerable number of meme coins associated with its ecosystem recently lost value. The collective market capitalization of these tokens plummeted from over $12 billion earlier this month to below $10 billion.
Technical analysis reveals a bullish flag pattern developing on the daily chart, a common indicator of potential price continuation. This suggests that Solana’s price may rebound, possibly testing the upper flag boundary at $187.30, which is around a 40% increase from current levels.
Solana was founded by Anatoly Yakovenko, a former engineer from Qualcomm, who co-established Solana Labs in 2017 with Greg Fitzgerald and Raj Gokal.
Axelar: Navigating a Bearish Trend
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The Axelar token has been on a pronounced downward trajectory recently, dropping from a high of $0.6291 to a low of $0.3464—marking its lowest point since June 10.
With a significant token unlock event approaching on Friday, there’s potential for further declines. This event will release tokens worth over $5.4 million, accounting for approximately 1.57% of the available supply.
Current technical indicators show that the AXL price is at risk of further decreases following its drop below the 50-day moving average. The critical level to watch now is $0.2740, which represents the lowest point seen in April.
Axelar was established in 2020 by Sergey Gorbunov and Georgios Vlachos, who both have prior experience working on the Algorand blockchain. Axelar focuses on creating a decentralized ecosystem that enables secure and efficient communication between various blockchain networks.
Pi Network: Major Developments Ahead
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The upcoming 80.9 million token unlock is putting Pi Network squarely in the spotlight. Additionally, anticipation builds for Pi Day 2 on June 28.
Traditionally, significant announcements from Pi Network’s developers coincide with the first and second Pi Days. A major revelation during this year’s observance could result in a positive impact on the token’s market performance.
The event will also mark the culmination of the .pi domain auction, which has garnered extensive bidding activity over the recent months.
Technically, the Pi Network has developed a falling wedge pattern, often regarded as a bullish reversal signal, suggesting that a price rebound is possible in the near future.
