Keep an Eye on These Coins
Nothing is certain in the cryptocurrency market, but the prices of most major assets have been maintaining their positions above important support levels in recent weeks. Next, traders will watch whether these tokens can break above their resistance levels, which seems possible for some.
This week, we examine WOO Network (WOO), Render Token (RNDR), Arbitrum (ARB), Rocket Pool (RPL), and Solana (SOL). In selecting these assets, we have considered several factors, including positive technical developments, significant news events, and noticeable changes in price.
- WOO Network (WOO)'s price increased by 53%, possibly because of the shift toward decentralized exchanges (DEXs), like the one it offers, after the collapse of FTX in late 2022.
- Render Token (RNDR) jumped by 47%, perhaps because of the project's migration to the Solana network.
- Ethereum scaling solution Arbitrum (ARB) posted a 38% increase in price, amid accumulation by big holders, or "whales," and a gain in market share taken from scaling solution Optimism.
- Rocket Pool (RPL) went up by about 32%, likely because of Ethereum’s successful Shapella upgrade.
- Solana (SOL) gained more than 25% after the announcement of the launch date of the Solana Android mobile phone.
WOO Network (WOO)
WOO Network (WOO) was this week’s biggest gainer, rallying by 53%. This was likely due to two major trends: traders generally moving toward DEXs like the one offered by WOO Network following the collapse of FTX, which was a centralized exchange, and an increase in the use of WOO Network's protocol. Its team last week reported a substantial increase in the number of active users.
WOO Network is a crypto trading platform that offers both centralized and decentralized trading options. It also provides deep liquidity and tools and analytics dashboards for traders. WOO is trading at around 31 cents and was priced at about 21 cents last week (see chart below).
Render Token (RNDR)
Render Token (RNDR) was the next biggest gainer for the week, increasing by 47%, most likely because of a migration to the Solana network. Render Token experienced significant developments during 2022, and the Solana migration adds to an ongoing increase at the start of the second quarter of 2023.
Render Token provides a decentralized GPU rendering system that allows broader access to complex rendering processes. The project has utility in such industries as media, gaming, virtual reality, and medicine. RNDR is currently priced at around $1.92 and was $1.30 last week (see chart below).
Ethereum scaling solution Arbitrum (ARB) also recorded a substantial increase in price, going up by 38%, possibly because of accumulation by Arbitrum whales and increased market share. Whales—an industry term for large holders of tokens—bought large amounts of ARB over the latest week. Arbitrum also experienced better performance across the board than Optimism, another scaling solution, and gained some of Optimism's market share, according to crypto research firm Messari.
Arbitrum is a Layer-2 scaling solution for Ethereum that provides better performance for users. Layer-2 networks sit on top of the first network, leading to cheaper and faster transactions. Arbitrum is changing hands at around $1.63 and was trading at $1.18 last week (see chart below).
Rocket Pool (RPL)
Ethereum staking solution Rocket Pool (RPL)'s token price advanced by more than 32%, possibly because of the success of Ethereum's Shapella upgrade. This upgrade to the Ethereum network The Shapella upgrade combines changes to its execution layer (via the Shanghai upgrade), consensus layer (Capella), and the Engine API. The changes allow users to unstake their ETH from the network.
Rocket Pool is a staking solution for Ethereum and has grown in popularity over the past year. It provides easier access to Ethereum staking, as it circumvents the need to hold 32 ETH to participate in the staking process. RPL is priced at around $58.50, rising from about $45.40 last week (see chart below).
Solana (SOL) rose by more than 25% after its team disclosed the launch date for the Solana Android mobile phone. The phones have been highly anticipated since being announced in the middle of 2022.
The phones will sell for about $1,000, and new-order registrations will begin on May 8. Pre-orders will begin shipping on April 20. SOL is trading at around $25.20; it was priced at around $20.30 last week (see chart below).
As of the date this article was written, the author does not own any of the assets discussed here.
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