The cryptocurrency market continues to face significant price fluctuations amid geopolitical risks and the steadiness of Federal Reserve interest rates. In this context, it is essential to review the current state of leading cryptocurrencies.
General Market Condition
Bitcoin's price has fallen from an all-time high of $111,695 in May to below $102,000 by the end of June, triggering sell-offs among investors. Major altcoins such as AB, SPX6900, Fartcoin, Virtuals Protocol, Sonic, and Story also experienced sharp declines of over 20%.
Current Trends: Solana, Axelar, and Pi Network
This week, Solana, Axelar, and Pi Network are in the spotlight. Solana is set to unlock tokens worth over $255 million, which may put pressure on its price. Axelar is in a downtrend and awaits a token unlock worth over $5.4 million. Pi Network is preparing for the Pi Day 2 event on June 28, which may spark renewed interest in its tokens.
Prospects of Key Tokens
Analysis indicates that Solana may bounce back from current levels due to a bullish flag pattern, while Axelar risks further decline. Pi Network is forming a falling wedge pattern, which could suggest a potential price recovery following an important event occurring at the end of June.
Given the current instability in the cryptocurrency market, investors should closely monitor events and emerging trends. The highlighted tokens exhibit notable risks and opportunities that could influence future price movements.
