Crypto Market Update: Fartcoin, Solana, and Arbitrum Lead teh Charge
Last week, the crypto market saw a mix of winners and losers. Onyxcoin, Fartcoin, Jasmy, Hyperliquid, and Helium surged. Though, Tezos, EOS, Movement, Toncoin, and Ethereum faced double-digit drops.Bitcoin stayed in a consolidation phase despite the US dollar index falling and U.S. equities wavering.
This week, Fartcoin, Solana, and Arbitrum are the cryptocurrencies to watch.
Solana’s Rise
Solana,a major layer-1 network,is gaining attention due to its increasing transactions. According to Nansen, Solana’s transactions rose by 6.6% in the last week, reaching 355 million. its fees also climbed to over $6.15 million. Solana has surpassed Ethereum in decentralized exchange transactions, handling over $15 billion in the past seven days.
Popular meme coins on Solana, like Popcat, Dogwifhat, and Fartcoin, have also soared. This could boost Solana’s price. the SOL price has rebounded to $129 from its low of $94.65 earlier this month. A further rise could see it reach the 38.2% Fibonacci Retracement point at $170.
Fartcoin’s surge
Fartcoin is another cryptocurrency to watch. It has jumped by over 364% from its lowest point this year, reaching its highest level as February 1. this surge is due to whale accumulation, causing fear of missing out among investors. Technically, Fartcoin has formed a cup and handle pattern, suggesting more upside. If this continues, the token could target the key resistance at $1.5.
Arbitrum’s Potential
Arbitrum, despite its strong downtrend, is becoming the second-biggest layer-2 network in crypto. Its DEX protocols’ volume has jumped by over 40% in the last seven days, reaching $4.6 billion. Arbitrum is likely to cross the $500 billion milestone in DEX transactions.
Arbitrum’s price will also be in focus as the network unlocks tokens worth over $28 million, representing 2% of its float.The token has crashed by 87% from its all-time high due to regular unlocks. Though, the Arbitrum price has formed a falling wedge pattern and a bullish divergence pattern, indicating a potential rebound.
