Bitcoin (BTC) jumped above $95,000

Cryptocurrency prices rallied last week as U.S. President Donald Trump said, without citing examples, that trade talks with other countries were taking place.

Cryptocurrency prices rallied last week as U.S. President Donald Trump said, without citing examples, that trade talks with other countries were taking place.

Bitcoin (BTC) rose above $95,000 for the first time in over a month, while the market cap of all Solana (SOL) meme coins topped $10 billion.

Among the cryptocurrency price movements, Pi Network (PI), Ripple (XRP), and Sui (SUI) will be in the spotlight this week due to technical factors and potential catalysts.

The table below shows the price movements of the top cryptocurrencies over the past week.

Cryptocurrency

Sunday, Aug. 6

Lowest price this month

Highest price this month

Price change, %

Bitcoin

$94,890

$70,100

$95,291

35

Ethereum

$2,108

$1,500

$2,170

45

Solana

$63

$43

$63.5

48

Polkadot

$0.43

$0.28

$0.43

54

A big token unlock could disrupt the rally

Among the layer-1 networks, Sui was one of the best performers as its token surged to $3.8, the highest level since Feb. 1 and up by 110% from the lowest price this month.

The large increase in price was driven by the rise of top meme coins in the ecosystem, leading to a 60% increase in weekly DEX volume. In the last seven days, protocols on the platform handled over $3.43 billion in volume, and the monthly transactions exceeded $11 billion.

However, the rally could be disrupted by a big token unlock, which is scheduled for Thursday. The network will release tokens worth $120 million. Token unlocks usually lead to dilution, which could affect a coin’s performance.

The daily chart also shows that the SUI price has become overbought as the Relative Strength Index moved to 77. Therefore, the coin is likely to retreat and retest the key support at $2.8150, the neckline of the double-bottom pattern, which is at $2.

The chart below shows the price movements and key levels to watch for the next few days.

The technical analysis section of Benzinga's cryptocurrency report provides a brief summary of major price movements and technical analysis for the top cryptocurrency pairs. The report is intended for beginners and experienced traders alike and focuses on high-leverage cryptocurrency pairs traded on Binance, a leading cryptocurrency exchange.

Benzinga's live cryptocurrency coverage provides an overview of the crypto market with the latest news, price movements, and expert analysis. The report also highlights key events and trends that are shaping the cryptocurrency landscape.

See More: Top 5 Cryptocurrency IPOs To Watch In 2023

XRP price sits at a key level

Among the mid-cap coins, Ripple's token will be in the spotlight due to its technicals. The chart below shows that the XRP price traded at $2.17 on Sunday, which is a significant level for two reasons.

First, the price is along the 50-day Exponential Moving Average, which has provided strong resistance in the past few months.

Second, the price is along the descending trendline connecting the highest levels since January 16. This trendline forms the upper side of the descending triangle, whose lower side is at $1.9437.

A descending triangle is a popular bearish chart pattern. Thus, the coin will need to rise above the slanted trendline and the 50-day moving average to invalidate the bearish outlook of the triangle.

The chart below shows the price movements and key levels to consider.

The technical analysis section of Benzinga's cryptocurrency report provides a brief summary of major price movements and technical analysis for the top cryptocurrency pairs. The report is intended for beginners and experienced traders alike and focuses on high-leverage cryptocurrency pairs traded on Binance, a leading cryptocurrency exchange.

Benzinga's live cryptocurrency coverage provides an overview of the crypto market with the latest news, price movements, and expert analysis. The report also highlights key events and trends that are shaping the cryptocurrency landscape.

See More: Top 5 Cryptocurrency IPOs To