Cryptocurrencies to watch for the week of April 24, 2023

The cryptocurrency market is currently experiencing a slight downturn, with major assets such as Bitcoin (BTC) and Ethereum (ETH) losing some of their recent gains. This correction and the absence of significant market developments have made it difficult for the sector to embark on a bullish trend.

However, investors should still keep an eye on certain cryptocurrencies that have shown promising adoption and network developments. Finbold has therefore compiled three cryptocurrencies to watch for the week of April 24.

Solana (SOL)

The decentralized finance (DeFi) token is once again at the forefront of the crypto space, thanks to recent developments that could potentially trigger a price rally. 

Notably, the much-anticipated release of the Solana (SOL) Android phone was finally announced after the initial announcement in mid-2022. The phone is expected to open up opportunities for mobile-based crypto transactions, and this has generated a buzz in the crypto community. 

As a result, Solana experienced a short-term price rally, and investors are closely monitoring the overall impact on the value of SOL.

Despite this boost, SOL is still struggling due to the general market correction, which has translated to weekly losses of about 12%. At press time, SOL was trading at $21.36. 

Technical analysis indicators from TradingView show a largely bearish outlook for SOL in the short term. The summary of the gauges recommends a ‘sell’ at 13, while oscillators are at 2, and moving averages indicate a ‘strong sell’ at 11.

Rocket Pool (RPL)

Rocket Pool (RPL) price has experienced a significant surge in recent days, in part due to the success of Ethereum’s Shapella upgrade. The upgrade combines changes to the execution layer, consensus layer, and the Engine API, allowing investors to unstake their ETH from the network. 

This has contributed to the growing popularity of Rocket Pool as a staking solution for Ethereum, which provides a more accessible way to participate in staking without the need to hold 32 ETH.

However, RPL has since erased some of its gains alongside Ethereum. By press time, RPL was trading at $45.99 with daily losses of over 3%. Investors will be keen to monitor whether RPL can sustain and reignite the gains from Ethereum’s staking update.

Under technical analysis, RPL’s sentiment is offering mixed signals. A summary of the gauges recommends ‘neutral’ at 8, while moving averages suggest ‘sell’ at 7. Oscillators recommend ‘buy’ at 3.

Bitcoin (BTC)

Despite its recent struggles to sustain gains above $30,000, Bitcoin’s overall sentiment remains bullish. The recent correction comes as renewed regulatory concerns in the U.S. have led to a threat of market exit by crypto exchange Coinbase, causing further uncertainty. At the same time, Bitcoin and other risky assets continue to await progress from the Federal Reserve, with the institution vowing to do everything to tame soaring inflation. 

On the other hand, Bitcoin is looking forward to benefiting from increased adoption developments. For instance, Telegram messaging app users can now access Bitcoin services such as purchasing, withdrawing, and exchanging BTC through a wallet bot.

The crypto community now focuses on whether Bitcoin can reclaim the $30,000 mark and hit new yearly highs. While Bloomberg’s senior commodity strategist Mike McGlone predicts a short-term pullback, he remains bullish for the long-term outlook. Currently, Bitcoin is trading at $27,332 with a weekly loss of over 10%. 

Under technical analysis, Bitcoin’s sentiments are neutral, with both summary and oscillators at 9 and 8, respectively, while moving averages are for sell at 8.

While there is a possibility for the highlighted cryptocurrencies to experience significant growth, it is important to keep a close eye on any new developments that may arise in the upcoming week.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.