Top Cryptocurrencies to Watch This Week: Solana, Axelar, and Pi Network
Market Volatility Creates Both Risks and Opportunities for Traders
The cryptocurrency market remains highly volatile as geopolitical tensions escalate and the Federal Reserve leaves interest rates unchanged for the sixth consecutive month.
After hitting an all-time high of $111,695 in May, Bitcoin slipped below $102,000 on Sunday, June 22, triggering broad sell-offs.
- Major altcoins like AB, SPX6900, Virtuals Protocol, and Story dropped by over 20%, reflecting the heightened uncertainty.
Despite the downturn, Solana, Axelar, and Pi Network are key tokens to watch this week, with significant technical patterns, token unlocks, and major events influencing price action.
Solana (SOL)
Solana faces a critical moment this week with a $255 million token unlock scheduled for Monday.
- Token unlocks often pressure prices as they increase the circulating supply.
- Additionally, the market capitalization of meme coins within Solana’s ecosystem has dropped from $12 billion to below $10 billion recently, adding to the bearish sentiment.
However, technical charts show a bullish flag pattern, suggesting a potential rebound.
- If SOL breaks higher, it could retest the upper boundary near $187.30, representing a potential 40% upside.
- Solana was founded by Anatoly Yakovenko, with a mission to deliver high-speed, low-cost blockchain infrastructure.
Axelar (AXL)
Axelar’s token has been in a steady downtrend, dropping from $0.6291 to $0.3464, its lowest level since June 10.
- Another $5.4 million token unlock is scheduled for Friday, equating to 1.57% of the float, which may drive further price weakness.
- AXL has fallen below its 50-day moving average, signaling bearish momentum.
- If the downtrend continues, the next support to watch is $0.2740, last seen in April.
Axelar, founded by Sergey Gorbunov and Georgios Vlachos, aims to power secure cross-chain communication with its decentralized infrastructure.
Pi Network (PI)
Pi Network could see heightened price action this week ahead of the 80.9 million token unlock and the Pi Day 2 event on June 28.
- Pi Day 2 is known for major developer announcements that can boost market sentiment.
- The event coincides with the conclusion of the .pi domain auction, which has attracted millions of bids.
Technically, Pi Network has formed a falling wedge pattern, a classic bullish reversal setup, suggesting a possible price rebound.
As the crypto market remains on edge, these tokens present both risks and potential opportunities, making them ones to watch closely in the days ahead.
