Last week, the cryptocurrency market experienced a significant resurgence. Bitcoin spearheaded this recovery, surging past several key psychological thresholds and surpassing $66,000 for the first time in nearly a month.
The rest of the market followed this bullish trend, leading to a $255 billion increase in the global crypto market cap over the past week. This growth equated to an impressive 11.95% rise, driven by contributions from several altcoins.
Here are our top cryptocurrency picks to watch this week, based on their noteworthy performances last week:
SOL hits six-week high
Solana (SOL) was one of the top beneficiaries of the market recovery last week. Over the seven days, SOL saw six days of persistent gains. The asset eventually crossed $175 for the first time in six weeks before seeing a roadblock.
Throughout last week, Solana demonstrated strong bullish momentum, rising by 22.35% from $141 to $172. The daily chart shows a consistent pattern of higher highs and higher lows, indicating sustained buying pressure.
Notably, the Accumulation/Distribution line, which reached 297.488 million, confirms the buying trend.
Additionally, the Klinger Oscillator saw a recent positive crossover with a reading of 125.642K. The oscillator shows that the buying trades volume surpasses the selling trades. However, investors need to watch the $148.48 support, as a breach below it could strengthen the bears.
ZK rallies 18% in a week
ZkSync (ZK) also leveraged the market rebound, riding on the momentum to record an impressive 18.9% increase last week, as it surged from $0.1596 to $0.1897.
ZK recently retested the 23.6% retracement level at $0.1918, indicating this could be a near-term resistance. If the price breaks above this level, it may signal further upside potential.
Conversely, the 38.2% retracement level at $0.1844 and the 50% level at $0.1784 serve as potential support zones if zkSync’s price pulls back.
The On-Balance Volume (OBV) indicator is currently at 2.826 billion, showing a rising trend, and suggesting an increase in buying volume. This surge in OBV supports the bullish price movement and indicates strong accumulation.
BRETT records largest intraday gain in seven weeks
Brett (BRETT) witnessed a similar uptrend, but its price was hit by greater volatility. The token started the week strong, recording an intraday gain of 20.57% on July 15, the largest in seven weeks. However, BRETT collapsed 11% over the three days that followed.
BRETT’s Bull Bear Power (BBP) fluctuates around the 0.02847 mark, indicating mixed sentiment. However, a positive shift towards the end of the week indicates bullish momentum, which helped BRETT end the week with a 27% increase.
On the MACD indicator, the MACD line at 0.00232 is slightly above the signal line at 0.00119. This crossover, although modest, typically indicates a potential buy signal.
If the MACD line continues to move upward and the BBP remains positive, it could suggest a bullish trend for BRETT in the following week. The key will be to watch for sustained volume and momentum to confirm this potential uptrend.