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Three Cryptocurrencies to Watch This Week: Solana, Polkadot, Cronos
The crypto market could see some volatility this week as former President Donald Trump’s retaliatory tariffs take effect, along with the release of US non-farm payrolls data.
Market sentiment is under pressure as the Crypto Fear & Greed Index drops to 25, reflecting rising investor anxiety. Against this backdrop, three cryptocurrencies to watch this week are Solana (SOL), Polkadot (DOT), and Cronos (CRO).
Solana (SOL) – Testing Key Support
Solana, one of the most popular layer-1 blockchain networks, is gaining traction as its price hovers around the key support level of $119.50. This is a level that SOL has held since April last year, suggesting that sellers are hesitant to push the price lower.
However, if SOL breaks this level, the bearish trend will be confirmed, which could push the price down to the next support level around $100. Notably, on March 3, Solana formed a "death cross" pattern, when the 50-day moving average crossed below the 200-day average - a negative signal for the short-term price trend.
Cronos (CRO) - Strong Growth Momentum
Cronos, formerly known as Crypto.com Coin, has had an impressive trading week, gaining 30% in the past seven days and up 54% from its yearly low.
The bullish momentum for CRO comes from Crypto.com's partnership with Trump Media to launch an ETF, along with an important decision from the community: voting to create an additional 70 billion CRO tokens to establish a Strategic Crypto Reserve, and burning 50 million CRO tokens to reduce the circulating supply.
Technically, CRO price has bounced from the key support zone of $0.0715 – a level that held in August and November last year. If it breaks above this month’s high of $0.1197, the price could continue to rise towards the 50% retracement level of $0.133.
Polkadot (DOT) – Waiting for a Breakout
Polkadot is also a coin to watch this week as the price is hovering around the strong support level of $3.60. This is a level that DOT has held multiple times since 2022, indicating the stability of this price zone.
In addition, DOT’s technical chart is showing a “falling wedge” pattern, a pattern that often signals a strong breakout. If the uptrend is confirmed, DOT could head towards $12 in the near term.
Summary
The cryptocurrency market is facing many political and macroeconomic factors. In this context, Solana, Cronos and Polkadot are three notable coins with important technical and fundamental developments. Investors need to closely monitor price movements and market factors to make appropriate decisions.