As October begins and the fourth quarter approaches, the cryptocurrency markets are showing signs of recovery. This resurgence has led to impressive gains for numerous crypto assets, with some altcoins even achieving new all-time highs. In this article, we analyze the top three best-performing altcoins from the past week: Solana's POPCAT, FTX Token (FTT), and Wormhole (W).
FTX’s native token, FTT, has surprised traders by outperforming all major altcoins within the top 100 cryptocurrencies. FTT has surged by an astounding 95% over the past week, currently trading at $2.72. This remarkable rise has attracted the attention of both traders and investors.
The rally primarily stemmed from rumors regarding the repayment to creditors, with a hearing for the distribution plan scheduled for October 7. This bullish sentiment may continue, potentially driving prices higher.
If the current momentum persists, FTT could reach $2.98. However, should the momentum fade, the token may experience a drop to $2.54 or even $2.20, prompting caution among investors regarding potential risks.
This week, POPCAT reached a new all-time high, soaring by 31% in the last 24 hours. The Solana-based meme coin broke through the $1.00 resistance, setting a new ATH at $1.29 after previously struggling at this level.
The catalyst for this sudden rally remains unclear, but if POPCAT holders refrain from selling, the coin may continue its upward trajectory, potentially forming a new ATH and boosting market sentiment further.
Nevertheless, if profit-taking occurs, it may halt the bullish momentum. A retreat to $1.00 could follow, and losing this key support level would invalidate the current bullish outlook.
While Wormhole has not experienced the same explosive gains as other tokens, it still managed a commendable 14.8% rise. Currently trading at $0.34, this altcoin has captured investor interest.
Wormhole nearly achieved an intra-week high of $0.42 but fell below the $0.35 resistance. This barrier has remained intact since mid-July, and breaching it could lead to further price increases towards the $0.42 mark.
Testing $0.42 as resistance would set a near four-month high. However, if Wormhole fails to break through $0.35, it may remain in a consolidation phase between $0.28 and $0.35, invalidating the bullish outlook.
