Top Cryptocurrencies to Watch This Week: Solana, Cronos, and Polkadot
This week, cryptocurrencies are expected to experience significant volatility as President Donald Trump’s reciprocal tariffs take effect alongside the release of crucial U.S. nonfarm payroll data.
The week commenced rather uneventfully, with the majority of cryptocurrencies remaining in bearish territory. As of the latest updates, Bitcoin (BTC) has declined to $82,432.00.
The crypto fear and greed index has fallen into the fear zone, sitting at 25. Key cryptocurrencies to keep an eye on this week include Solana, Polkadot, and Cronos.
Solana
Solana (SOL), a prominent layer-1 network, is attracting attention this week as its price remains above the crucial support level at $119.5. Evidence indicates it has struggled to drop below this point repeatedly since April of last year, suggesting bears are hesitant to short it below this threshold.
A decline below $119.5 would confirm a bearish breakdown and indicate potential for further declines. Moreover, Solana’s price formed a death cross pattern on March 3, as the 50-day and 200-day moving averages intersected.
A drop beneath $119.6 could lead to a further decline towards $100.
Cronos
Cronos, previously known as Crypto.com, is one of the highlights this week due to its impressive performance last week, soaring by 30% over the past seven days and 54% from its yearly low.
The price of Cronos rebounded following Crypto.com’s partnership with Donald Trump’s Trump Media to launch ETFs. The community also voted to mint an additional 70 billion CRO tokens, which are intended to establish a Strategic Crypto Reserve.
Additionally, the community voted to burn 50 million CRO tokens. The daily chart indicates that Cronos rebounded after reaching the essential support level at $0.0715, which it has not breached since August and November of last year.
A breakout above this month’s peak of $0.1197 could signal further gains, potentially reaching the 50% retracement level at $0.133.
Polkadot
Polkadot (DOT) is another cryptocurrency to monitor as its price is testing a vital support level. Currently, DOT is trading at $4.08, slightly above the crucial support level at $3.60.
This support level is significant, as it has failed to drop below it on multiple occasions since 2022.
Furthermore, Polkadot’s price shows a falling wedge pattern, with the two trend lines converging, which historically tends to indicate a strong bullish breakout in the near future. Such a movement could propel DOT’s price to $12.