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Cryptocurrencies are set to dominate the conversation this week as the market tracks key developments, including U.S.-China trade talks, fresh consumer inflation data, and the Consensus event in Toronto.

Crypto Market Overview

The crypto market enters the week with strong momentum, as Bitcoin and most altcoins continue their bullish trend. Bitcoin has surged over 20% from its lowest levels in April, pushing the fear and greed index firmly into the greed zone. Key cryptocurrencies to watch include Pi Network, Ethereum, and Solayer (LAYER).

Ethereum (ETH)

Ethereum saw significant gains last week after the successful implementation of the Pectra upgrade. This upgrade introduced 11 improvement proposals aimed at enhancing areas such as account abstraction, validator balances, blob throughput, and validator deposits and withdrawals.

Investors are closely monitoring ETH this week to determine whether the upward trend will persist. Continued momentum could positively impact other ERC-20 tokens like Pepe, Shiba Inu, and Uniswap.

On the daily chart, Ethereum’s price broke key resistance at $2,132, which aligns with the neckline of the double-top pattern at $4,085. It also moved above the 50-day and 100-day moving averages. While this rally may continue, there’s a chance ETH could drop back to retest $2,132 before resuming its uptrend. This pattern, known as break-and-retest, is often a bullish signal for further growth.

Pi Network (PI)

The Pi Network price experienced significant growth, surging to $1.0670—its highest level since March 21 and up 158% from its April low. This rally has caught the attention of investors ahead of the Consensus event in Toronto, where the Pi Network team has hinted at a major announcement.

Speculation suggests potential news such as an exchange listing, new project partnerships, updates to tokenomics, or the establishment of an ecosystem fund to incentivize creators on the Pi Network. These developments could drive further price increases, with $1.8 being a potential target based on previous swing highs from March.

Solayer (LAYER)

Solayer, a staking network on Solana (SOL), has struggled to keep pace with the recent crypto rally. Its price plunged from $3.35 to $1.2, mirroring the performance of similar tokens like Mantra, which suffered from forced liquidations and insider sales.

This week, Solayer will be closely watched as the network executes another token unlock. On Monday, Solayer will release $32 million worth of tokens, with $21 million allocated to the community and the remainder distributed to the foundation. The network still has more unlocks ahead, with a circulating supply of 210 million LAYER tokens against a total supply of 1 billion.

Token unlocks are often viewed as bearish events because they increase the circulating supply, potentially exerting downward pressure on the price. Other notable token unlocks to watch this week include Morpho, Aptos, Pendle, WhiteBit, and Arbitrum.

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