Cryptocurrencies will be in the spotlight this week as the market focuses on the ongoing trade talks between the U.S. and China, new consumer inflation data, and the Consensus event in Toronto.
The crypto market enters the week on a high note, with Bitcoin (BTC) and most altcoins being in a bull market after rising by over 20% from their lowest levels in April and the fear and greed index being in the greed zone. Some of the top cryptocurrencies to watch will be Pi Network (PI), Ethereum (ETH), and Solayer (LAYER).
Ethereum
Ethereum price surged last week after the developers implemented the Pectra upgrade that introduced 11 improvement proposals on areas like account abstraction, validator balances, blob throughput, and validator deposits and withdrawals.
ETH will be in the spotlight this week as investors assess whether the rally will continue. Continuation of this trend would lead to higher prices for most ERC tokens like Pepe (PEPE), Shiba Inu (SHIB), and Uniswap (UNI).
The daily chart shows that Ethereum price jumped above the key resistance level at $2,132, the neckline of the double-top pattern at $4,085. It also jumped above the 50-day and 100-day moving averages.
While the rally may continue, there is also a risk that the coin will drop, retest $2,132, and then resume the uptrend. This performance is known as a break-and-retest and is one of the most bullish signs of continuation.
Pi Network
The Pi Network price went parabolic as we predicted last week here and here. It soared to a high of $1.0670, its highest level since March 21, and 158% above its lowest point in April.
Pi Network will be in focus because of the upcoming Consensus event in Toronto, where the core team has promised a major announcement.
Speculation is that Pi will announce an exchange listing by one or more large exchanges. Other potential news will be project partnerships, changes on tokenomics, or an ecosystem fund to incentivize creators on its network.
Therefore, there is a likelihood that the Pi Coin price will keep surging ahead of the announcement. A potential target in all this is $1.8, the highest swing on March 13.
Solayer
Solayer, a staking network on Solana (SOL), missed the recent crypto rally as its price plunged to $1.2 from a high of $3.35. This crash mirrored the recent Mantra price plunge, which was blamed on forced liquidations and insider sales.
Solayer price will be spotlighted as the network implements another token unlock. On Monday, it will unlock tokens worth $32 million. $21 million of these tokens will go to the community, while the rest will go to the foundation.
Solayer has more token unlocks as it has a circulating supply of 210 million LAYER tokens against a total supply of 1 billion.
Token unlocks are seen as highly bearish since they introduce new coins into the market. Some of the other unlocks to watch this week are Morpho, Aptos, Pendle, WhiteBit, and Arbitrum.
