In the past week, market conditions have shown improvement, with Bitcoin surpassing $100,000, which has positively impacted many altcoins. Despite this, certain crypto tokens still hold growth potential due to significant network developments.
BeInCrypto has identified three such altcoins worth watching for potential investors.
First, Sonic (S), formerly known as Fantom, has seen a 22% price increase to $0.60 since the beginning of the month but has not fully recovered from losses in March. The launch of the Sharding feature on May 15 is anticipated to enhance Sonic's transaction speed and reduce network congestion, potentially driving its value up to $0.74 and recovering previous losses.
Arbitrum (ARB) has surged by 51% in the last five days, trading at $0.47, positioning it as one of the best-performing tokens of the week. However, with the upcoming 92.65 million ARB token unlock on May 16, releasing $43 million worth of tokens, price volatility is expected. ARB may see further gains before the token unlock, with potential to breach $0.51 and even reach $0.55, supported by strong buying activity.
Lastly, Jupiter (JUP) has risen by nearly 40% recently to trade at $0.58, needing a 16% push to hit the key resistance level of $0.68. This week, Jupiter Exchange will donate 2.5% of jupSOL transaction commissions to the Jupiter DAO, potentially enhancing liquidity and positive sentiment for JUP's price growth in the short term.
If investor confidence is boosted by the new revenue model, JUP could surpass $0.68, as long as it maintains $0.57 as a support level. Failure to secure this support may lead to a drop to $0.47, negating the bullish outlook for JUP and erasing recent gains.