Heading into October and Q4, the markets have already begun recovering, bringing gains to many crypto assets, with some altcoins even establishing new all-time highs.
BeInCrypto has analyzed the top three best-performing altcoins of the last seven days, which include Solana meme coin POPCAT, which formed a new ATH this week.
FTX Token (FTT)
FTX’s native token, FTT, surprised the market by outperforming every major altcoin in the top 100 cryptocurrencies. FTT surged by 95% over the week and is currently trading at $2.72. This dramatic rise has caught the attention of both traders and investors alike.
The rally was primarily driven by rumors surrounding the beginning of repayment to creditors. With the hearing for the distribution plan scheduled for October 7, the bullish sentiment is expected to continue, potentially fueling further price increase.
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If the momentum holds, FTT could rise to $2.98. However, the token could see a drawdown to $2.54 or even $2.20 if it wanes, making investors cautious of potential risks.
Popcat (POPCAT)
POPCAT price reached a new all-time high this week, soaring by 31% in the last 24 hours. This Solana-based meme coin broke through the $1.00 resistance, setting a new ATH at $1.29 after struggling to breach that level throughout the week.
The catalyst for this sudden rally remains unclear, but if POPCAT holders avoid selling, the coin could continue its upward trajectory. This could result in the formation of a new ATH, further boosting market sentiment.
However, if profit-taking ensues, it may halt the bullish momentum. A drop to $1.00 could follow, and losing this key support level would invalidate the current bullish outlook.
Wormhole (W)
Wormhole’s price may not have seen explosive gains like other tokens, but it still impressed with a 14.8% rise. Currently trading at $0.34, the altcoin has gained the attention of its investors.
Wormhole nearly reached an intra-week high of $0.42 but fell back under the $0.35 resistance. This barrier has been intact since mid-July, and breaching it could lead to a further rise toward the $0.42 mark.
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Testing $0.42 as resistance would set a near four-month high. However, if Wormhole fails to break $0.35, it may remain in consolidation between $0.28 and $0.35, invalidating the bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Source: https://beincrypto.com/biggest-altcoin-gainers-first-week-october/