Top cryptocurrencies to watch this week: Axelar, Solana, PI

Cryptocurrencies are extra volatile as geopolitical risks rise and the Federal Reserve leaves interest rates unchanged for the sixth consecutive month,

Bitcoin’s (BTC) price went from an all-time high of $111,695 in May to below $102,000 on Sunday, June 22, sparking sell-offs among investors.

Top altcoins plunged, as well: AB (AB), SPX6900 (SPX), Fartcoin (FARTCOIN), Virtuals Protocol (VIRTUAL), Sonic (S), and Story (IP) dropped by over 20%.

Top cryptocurrencies to watch

Solana (SOL), Axelar (AXL), and Pi Network (PI) are in focus this week as major token unlocks and key technical setups create both risks and opportunities for traders.

A bullish flag pattern hints at a potential rebound for Solana while Axelar could see further downside as it trades below key technical support.

Meanwhile, Pi Network’s Pi Day 2 event on June 28—with anticipated developer announcements and the conclusion of a widely followed domain auction—could spark renewed bullish momentum. Read on for more info.

Solana

Solana will be in the spotlight this week as it unlocks tokens worth over $255 million on Monday. A token unlock is seen as being more bearish because it introduces more tokens in the market.

Solana price will also be in the spotlight as most meme coins in the ecosystem plunged. The market capitalization of all of these tokens plunged from over $12 billion earlier this month to below $10 billion. 

The daily chart shows that SOL price has formed a bullish flag pattern, a popular continuation sign. This pattern comprises of a vertical line and a descending channel. 

Therefore, the token will likely bounce back and possibly retest the upper side of the flag at $187.30, which is about 40% above the current level. 

Anatoly Yakovenko, a former Qualcomm engineer, created Solana. He also co-founded Solana Labs in 2017 along with Greg Fitzgerald and Raj Gokal.

Axelar 

Axelar token has been in a strong bearish downtrend in the past few weeks, moving from a high of $0.6291 to a low of $0.3464, its lowest point since June 10. 

Axelar’s price may be at risk of more downside ahead of a big token unlock on Friday. The network will unlock tokens worth over $5.4 million, equivalent to 1.57% of the float. 

Technicals suggest that the AXL price may continue falling now that it has dropped below the 50-day moving average. If this happens, the next point to watch will be $0.2740, its lowest point in April this year.

Sergey Gorbunov and Georgios Vlachos co-founded Axelar and AXL in 2020. Both founders previously worked on the Algorand blockchain. Axelar’s focus is on building a decentralized network that enables secure and reliable cross-chain communication.

AXL is the token that powers and secures the Axelar network

Pi Network

The Pi Network price will be in the spotlight because of the upcoming 80.9 million token unlock. Most importantly, it will be in focus because of Pi Day 2 on June 28. 

Pi Network’s developers normally make major announcements on the first and second Pi Days. A major announcement on this Pi Day may help to boost the token.

The commemoration coincides with the end of .pi domain auction, which has attracted millions of bids in the past few months. 

Pi Network price may bounce back this week as it has formed a falling wedge pattern, a popular bullish reversal sign.