Weekly Cryptocurrency Market Analysis: Altcoins Rise After A Range Bound Move

Weekly cryptocurrency analysis of Fartcoin, SPX6900, Raydium, Solana and Bonk brought to you by Coinidol.com.

The best performing altcoins are recovering from the recent sideways movement as cryptocurrencies reach their previous highs. However, the upward momentum is slowing down as the price of cryptocurrencies is approaching the overbought area of the market. 

Fartcoin

Fartcoin (FARTCOIN) is in an uptrend as it reaches its target price of $2.43. On January 19, the altcoin rose to a high of $2.73 before falling. Buyers were unable to sustain the positive momentum above the $2.50 peak. The positive momentum has weakened as the crypto price has fallen. The cryptocurrency price is just above the moving average lines but below the high of $2.50. FARTCOIN's uptrend will continue if buyers keep the price above the $2.50 high. However, the uptrend will end if the altcoin falls below the $1.53 breakout level or the 21-day SMA. FARTCOIN is the best performing cryptocurrency.

The current price: $2.03

Market capitalization: $2,026,972,293.32

Trading volume: $685,160,423.76

7-day gain: 217.85%

SPX6900

SPX6900 (SPX) is in a sideways trend and trading below the resistance at $1.60. Since January 6, the uptrend has ended as it fluctuated above the moving average lines but below the resistance at $1.60. Today, the altcoin is in a downtrend. Today, altcoin is in a downtrend, although it remains above the 21-day SMA. On the upside, extended candlestick wicks indicate strong selling pressure at the recent high. The sideways movement will continue for a few more days as the altcoin faces rejection at its recent high.SPX is the second best performing cryptocurrency.

The current price:  $1.38

Market capitalization: $1,280,655,824.09

Trading volume:  $179,191,370.87

7-day gain: 63.52%

Raydium

The price of Raydium (RAY) has been in a horizontal trend since November 21, 2024. Buyers were unable to overcome the barrier at $6.50, bringing the previous rise to an end. However, on January 19, buyers broke through the resistance and the altcoin rose to a high of $7.62.

However, the upside momentum at the current high was rejected as the altcoin crashed. Today, RAY fell back below the $6.50 support, continuing its range-bound movement. RAY is the third highest performing cryptocurrency.

The current price: $6.35

Market capitalization: $1,845,138,094.03

Trading volume:  $410,410,913.8

7–day gain: 48.53%

Solana

The price of Solana (SOL) has risen again after a recent decline. On January 19, the price of the cryptocurrency rose, breaking through resistance at $260 and reaching a high of $295. Today, Solana has fallen below the breakout level but remains above the moving average lines. Solana is trading above the moving average lines but below the resistance level of $260. If the range bound level is broken, the market will start a trend. Solana is the fourth best performing cryptocurrency.

The current price: $244.82

Market capitalization: $119,124,894,653.64

Trading volume: $34,947,293,695.8

7–day gain: 44.79%

Bonk

Bonk (BONK) has fallen below the moving average lines. The cryptocurrency had previously fallen above the support level of $0.00002500. The altcoin has made an upward correction after retesting the current support at $0.00002500. The crypto price reached a high of $0.00003986 on January 19 and broke above the moving average lines. It has retraced between the moving average lines after the upside momentum was pushed back at the recent high. The altcoin will perform if it breaks above the moving average lines. The fifth best performing cryptocurrency is BONK.

The current price: $0.00003398

Market capitalization: $2,595,208,910.31

Trading volume: $1,413,383,038.95

7–day gain: 37.21%

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.