Cryptocurrency prices rallied last week as U.S. President Donald Trump said, without citing examples, that trade talks with other countries were taking place.
Bitcoin (BTC) jumped above $95,000 for the first time in over a month, while the market cap of all Solana (SOL) meme coins jumped to over $10 billion. This article explains why Pi Network (PI), Ripple (XRP), and Sui (SUI) are the top cryptocurrencies to watch this week.
Sui token unlock could disrupt the rally
Sui, a top layer-1 network, was one of the top-performing coins in the crypto industry as it jumped to $3.8, its highest level since Feb. 1, and up by 110% from its lowest level this month.
It rallied as top meme coins in its ecosystem surged, resulting in a 60% increase in weekly DEX volume. Protocols in its platform handled over $3.43 billion in volume in the last 7 days, bringing the monthly transactions to over $11 billion.
Sui’s surge may be disrupted by a big token unlock scheduled for Thursday. The network will release tokens worth $120 million. Token unlocks lead to dilution, often affecting a coin’s performance.
The daily chart also shows that the SUI price has become overbought as the Relative Strength Index has moved to 77. Therefore, the coin is likely to retreat and retest the key support at $2.8150, the neckline of the double-bottom pattern at $2.
XRP price sits at a key level
Because of its technicals, Ripple’s token will be in the spotlight this week. The chart below shows that the XRP price was trading at $2.17 on Sunday, a notable level for two reasons. First, it is along the 50-day Exponential Moving Average, which has provided substantial resistance in the past few months.
Second, the price is along the descending trendline connecting the highest levels since January 16. This trendline is the upper side of the descending triangle, whose lower side is at $1.9437.
A descending triangle is a popular bearish chart pattern. Therefore, the coin will need to rise above the slanted trendline and the 50-day moving average to invalidate the bearish outlook of the triangle.
Pi Network: Will the consolidation end?
Pi Network will be a top cryptocurrency to watch this week as its consolidation continues. It has remained at $0.6350 in the past few weeks, and it did not participate in last week’s crypto recovery.
Therefore, this consolidation may be calm before the storm since all Pi needs is a minor catalyst, and its price will go parabolic. A potential catalyst will be an exchange listing by one or more tier-one companies. HTX, a top exchange that is advised by Justin Sun, has been sending hints that it will list it soon. For example, Pi Network has appeared on several X posts, including the one shown below and this one.
Other top cryptocurrencies to watch this week include Cetus Protocol, Maverick Protocol, Optimism, Pendle, and Morpho, which will have token unlocks, and BSC will launch the Lorentz upgrade.
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