Last week, cryptocurrency prices showed varied results, with notable tokens such as Onyxcoin, Fartcoin, Jasmy, Hyperliquid, and Helium experiencing significant gains.
Conversely, several altcoins, including Tezos, EOS, Movement, Toncoin, and Ethereum, fell sharply by double digits. Bitcoin (BTC) remained in a consolidating pattern throughout the week, even as the U.S. dollar index slumped and American equities fluctuated.
This article delves into why Fartcoin (FARTCOIN), Solana (SOL), and Arbitrum (ARB) are the standout cryptocurrencies to monitor this week.
Solana
This week, Solana, a leading layer-1 network, is attracting attention due to its increasing transaction volume. Data from Nansen indicates that transactions surged by 6.6% over the last week, totaling 355 million, with fees exceeding $6.15 million.
Furthermore, Solana has surpassed Ethereum (ETH) in decentralized exchange transactions, achieving over $15 billion in activity in just seven days.
Additionally, some popular meme coins within the ecosystem, such as Popcat (POPCAT), Dogwifhat (WIF), and Fartcoin, have seen substantial gains. This positive activity could further enhance Solana’s price this week.
The accompanying chart illustrates that SOL has bounced back to $129 after dipping to $94.65 earlier this month. Continued upward momentum could push the token towards the 38.2% Fibonacci retracement level at $170.
Fartcoin
Fartcoin is another cryptocurrency to keep an eye on this week, showcasing remarkable performance with a 364% increase from its lowest point this year, reaching its highest levels since February 1.
This surge coincided with whale accumulation, creating a sense of urgency among investors. On a technical level, it has established a cup and handle pattern, suggesting further growth in the coming days. Should this trend continue, the token may reach the significant resistance level at $1.5.
Arbitrum
Despite being on a downward trend for several months, the Arbitrum token remains significant, now recognized as the second-largest layer-2 network in the crypto space. Recent data shows that the volume processed by its DEX protocols surged over 40% in the last week, reaching $4.6 billion.
Two key factors will place Arbitrum in the limelight this week. First, the network is poised to surpass $500 billion in total DEX transactions, with protocols like Uniswap, Fluid, PancakeSwap, and Camelot accounting for over $495 billion.
Secondly, the ARB price is on the verge of a significant moment, as tokens worth over $28 million, accounting for 2% of its circulating supply, are set to unlock. The regular unlocks have contributed to a substantial decline of 87% from its all-time high.
On a brighter note, the Arbitrum price has developed a falling wedge pattern, and the Awesome Oscillator indicates a bullish divergence, signaling a potential rebound in the future.