The new year started with a bang, but the excitement didn’t last long.
After a strong first week, the crypto market has fallen back into its all-too-familiar cycle of ups and downs. Bitcoin [BTC] and Ethereum [ETH] both made negligible moves, with weekly losses of 0.95% and 1.60%.
So how did the rest of the market hold up?
Weekly winners
Polygon [POL] – Usage numbers skyrocket
What makes POL’s rally stand out is that the network didn’t flinch while the price took off. Daily active addresses held steady through early January, with transactions climbing in step with other major EVM chains.
Source: TradingView
Polygon [POL] pushed nearly 50% higher in a short span, breaking out cleanly with expanding volume. RSI was overbought, and capital didn’t rush out yet.
As long as activity stays firm and users keep showing up, the move up is set to go much higher.
Virtuals Protocol [VIRTUAL] – Hitting supply with little panic selling
After a run-up, Virtuals Protocol [VIRTUAL] price action has slowed down too. However, this looks like momentary trouble, with gains of 22% posted at press time.
The coin pulled back after a high-volume supply zone just above the $1.05-$1.10 range.
Volume Profile data showed heavy prep around the $1.00 mark, which may be why price stalled and slipped instead of pushing straight through.
Importantly, this wasn’t a breakdown. RSI hit 63 at the time of writing, which means momentum was slowing without giving in. Price held well above the $0.85 support zone, where earlier demand stepped in.
For now, it may be consolidation under resistance.
JasmyCoin [JASMY] – Rose and stopped just as fast
JasmyCoin [JASMY] had a strong week, going from the $0.0065 region and pushing above $0.0095 before slowing down. The surge came with higher volume, which means the rally had real substance and is likely to hold.
Since then, price has started to go sideways in a tight range, so the market is probably taking a moment to assess after the run.
RSI was elevated and MACD was in positive territory, so bullish momentum was intact. As long as JASMY holds above the $0.0065-$0.0067 support zone, it is expected that the coin will consolidate.
Other notable winners
Privacy coin Monero [XMR] climbed around 11%, which is interesting, considering other top privacy coins posted big losses.
Render [RENDER] surged nearly 25%, benefiting from recent interest in decentralized compute and AI-linked infrastructure. Meanwhile, Artificial Superintelligence Alliance [FET] posted gains of about 15%.
By the looks of it, traders seem to be rotating into specific themes and narratives.
Weekly losers
Midnight [NIGHT] – Certainly exhausted, but not worn down yet
Midnight [NIGHT] had a rough stretch, down 22% from its local high before finding some footing. It looked like the coin lost steam than anything else.
Source: TradingView
The red candles came as price hit a dense supply zone near $0.09, where Volume Profile showed heavy prior positioning. What’s interesting is what followed.
Selling pressure fell quickly, and the price has started to stabilize around $0.067. RSI was in neutral territory at press time, so the bears weren’t fully in control.
If buyers defend this zone, Midnight could build a base that traders often miss.
ZCash [ZEC] – Fell hard, but selling is losing its bite
Zcash [ZEC] took a hit this week, sliding nearly 26% from the $510 area before finding support near $370. On the surface, that looks ugly. But the worst of the selling may already be behind it.
RSI dipped deep into oversold territory, while CMF stopped accelerating lower. Capital outflows are slowing.
The reaction near support is notable. Despite heavy red candles earlier, recent price action had started to flatten, so sellers were running out of urgency.
If ZEC holds this zone, the next move is likely to be an uncomfortable bounce.
Canton Network [CC] – Tripped, but didn’t quite fall
Most privacy-focused tokens have had a rough week, with several names struggling to hold recent gains. Canton [CC], however, has more to it than just a surface-level fall.
After an early push higher, price pulled back about 18% from local highs and has since settled near the $0.13 region. That retracement looks controlled.
Price was above the lower Bollinger Band, so volatility is low. RSI was firmly neutral, while OBV flattened instead of breaking down; distribution hasn’t taken over… yet.
Sellers are present, but confidence is weak. If privacy narratives regain footing, Canton looks positioned to stabilize first.
Other notable losers
Uniswap [UNI] slipped about 7%, as trading activity cooled across major DEXs. Dash [DASH] fell nearly 13%, with weakness in the privacy coin bracket.
Dogecoin [DOGE] dropped around 8%, so even the high-visibility memecoins weren’t immune.
Conclusion
At the end of the day, this market doesn’t reward rushing in or out. Some moves will stick, some won’t… and sometimes it isn’t obvious which is which in real time.
So take the signals, double-check the data, and DYOR before making any calls.
Final Thoughts
- While Bitcoin and Ethereum slipped under 2%, select altcoins surged as high as 50%.
- Usage, volume, and narrative strength mattered more than talk this week.
Source: https://ambcrypto.com/crypto-market-weekly-review-12-jan/