Solana (sol) 
Cryptocurrency Market Update: Top Coins to Watch This Week
The cryptocurrency market experienced a downturn last week as global investors shifted towards a risk-off sentiment, driven by rising American bond yields. Bitcoin remained below $95,000, while meme coins like Dogwifhat, Popcat, and Bonk were among the top laggards. The increase in US bond yields followed the release of strong labor statistics, which raised the possibility of the Federal Reserve maintaining a hawkish tone this year.
Key Factors Affecting the Market
The labor statistics revealed that the economy added over 260,000 jobs in December, while the jobless rate fell to 4.1%. This data has contributed to the rising bond yields and the subsequent impact on the cryptocurrency market.
Top Cryptocurrencies to Watch This Week
Several cryptocurrencies are worth watching this week, including Arbitrum, Ondo Finance, and Zetachain. These coins are expected to experience significant movements due to token unlocks and market trends.
Arbitrum
Arbitrum, the second-biggest layer-2 network, is set to unlock tokens worth $67 million or 1.08% of the float. The network has already unlocked 53% of its tokens, with the final release scheduled for April 2027. Arbitrum’s token has been in a downtrend over the past 12 months, declining by 70% from its highest level in 2024. The token has recently slipped below the 50-day and 25-day Exponential Moving Averages and is hovering above the key support at $0.70.
A break below the $0.70 level could point to more downside, potentially to $0.4625, its lowest level in November.
Ondo Finance
Ondo Finance is another cryptocurrency to watch, with the network unlocking tokens worth $2.38 billion or 133% of the float. The network’s USDY and OUSG stablecoins offer attractive yields of 4.35% and 3.28%, respectively. However, it is unclear whether Ondo’s performance will benefit from its growth.
On the daily chart, the token has dropped from last December’s high of $2.13 to $1.23. It has also moved below the 50-day and 25-day moving averages and the key support at $1.4800. However, a falling wedge pattern has formed, which could point to more gains, potentially to $1.4800.
Zetachain
Zetachain, a cryptocurrency with a market cap of $337 million, will also be in the spotlight as it unlocks tokens worth $145 million or 49% of the market value. The token has been in a strong downtrend after peaking at $1.3752 in June last year. The decline has been driven by the drop in the total value locked in its DeFi TVL, which has fallen from $16 million in November to $7 million today.
The ZETA token has remained below all moving averages and has settled at the key support at $0.5328, its lowest swing since October last year. A break below this support could point to more downside, potentially to $0.3530, its lowest point in 2024.
Investment Tips and Considerations
When investing in cryptocurrencies, it is essential to consider the following factors:
* Token unlocks: Token unlocks can significantly impact a cryptocurrency’s price. Keep an eye on upcoming unlocks and their potential impact on the market.
* Market trends: Stay informed about market trends and sentiment. A risk-off sentiment can lead to a decline in cryptocurrency prices.
* Technical analysis: Use technical analysis to identify key support and resistance levels, as well as patterns that could indicate future price movements.
Stay up-to-date with the latest cryptocurrency news and market analysis on Global Crypto News.
