The crypto market remained on edge last week as the recent consolidation phase continue, and the Fear and Greed was stuck at the neutral point. This article explains the top three coins to watch, including World Liberty Financial (WLFI), Pi Network (PI), Somnia (SOMI).
Somnia (SOMI)
Somnia crypto has been one of the top performers in the past few days as it moved from a low of $0.3800 last week to a high of $1.1855, up by 212%. This surge brought its market capitalization to over $172 million.
Somnia token rose by 40% on Sunday, with its volume jumping by 106% to $737 million, a sign of increased demand from investors.
The token jumped after the developers launched the mainnet and as more exchanges listed it. This is notable as Somnia hopes to become the biggest chain for the gaming industry, disrupting the existing chains like Sei and Immutable.
Somnia’s advantage is its quick transaction speeds, which have jumped to over 1 million per second, sub-second finality, and sub-cent fees. The network can also be used to build decentralized finance applications and other industries in the crypto industry.
Somnia has now been listed on popular exchanges like Binance, Bybit, Bitget, and MEXC. Therefore, with its volume surging, it is likely that Somnia will be listed by other exchanges this week.
Still, there is a risk that the Somnia price will crash this week as the post-mainnet-launch hype fades. If this happens, the next key support level to watch will be at $1. A drop below $1 will see it drop to the key support at $0.7495.
World Liberty Financial (WLFI)
Donald Trump’s WLFI is another top cryptocurrency to watch this week following its launch on exchanges last week. After initially surging to $0.3200 last week, it plunged to a low of $0.1623 as insiders, including Justin Sun, started selling it.
It is common for this to happen as the crypto industry does not have any lockup expiry. This crash pushed the team to blacklist over 270 accounts, including Sun’s.
The WLFI price then rebounded by 50% from its lowest level last week. There is a risk that this rebound is part of a dead-cat bounce, which happens when an asset in a freefall rebounds briefly and then resumes the downtrend. If this happens, WLFI price may crash and retest its all-time low.
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Pi Network
Pi Network is another cryptocurrency to watch this week as the consolidation continues. Its technicals show that it has found a strong support level at $0.3353, a level it has struggled to move below.
The coin formed a double-bottom pattern, a popular bullish reversal sign. Therefore, there is a possibility that it will bounce back in the coming days. If this happens, the next key price to watch will be the resistance at $0.3971, its highest level on August 30th. However, a drop below the support at $0.3353 will invalidate the bullish outlook.
There are other top cryptocurrencies to watch this week, including those with unlocks like Ethereum Name Service (ENS), Flare (FLR), Aptos (APT), and Arbitrum (ARB).
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