The cryptocurrency market enters a pivotal week with bullish momentum, fueled by macroeconomic developments, technical rallies, and major events like the Consensus conference in Toronto. After a strong April rebound, investor sentiment remains in the “greed” zone, according to the Fear & Greed Index, with Bitcoin and altcoins climbing over 20% from their monthly lows.
Among the top cryptocurrencies to watch this week are Ethereum (ETH), Pi Network (PI), and Solayer (LAYER) each driven by unique catalysts that could significantly impact their near-term price action.
Ethereum (ETH): Break-and-Retest or Rally Continuation?
Ethereum saw notable gains last week after its developers rolled out the Pectra upgrade, introducing 11 improvement proposals aimed at enhancing core functionalities. These include improvements in account abstraction, validator balances, blob throughput, and deposit/withdrawal management for validators.
The price of ETH broke above key resistance at $2,132, a crucial level tied to its previous double-top pattern neckline at $4,085. It also surpassed both the 50-day and 100-day moving averages, signaling sustained bullish momentum.
While Ethereum’s rally could extend further, analysts are also watching for a potential break-and-retest pattern a temporary dip to retest $2,132 before continuing higher. If confirmed, this pattern would represent a strong continuation signal for Ethereum and its ERC-20 ecosystem, including tokens like Pepe (PEPE), Shiba Inu (SHIB), and Uniswap (UNI).
Pi Network (PI): Eyes on a Major Announcement at Consensus
Pi Network has been one of the week’s standout performers, surging 158% from its April low to a multi-week high of $1.0670. This renewed bullish momentum has been fueled by growing speculation around a major announcement expected at the Consensus event in Toronto.
While the Pi Network team has remained tight-lipped, market chatter points to several possibilities: a listing on major exchanges, new project partnerships, tokenomics revisions, or the launch of an ecosystem incentive fund.
Investors are eyeing the next technical target at $1.80, last reached on March 13. If confirmed, this rally could mark the Pi Network’s full breakout, positioning it as a strong contender in the layer-1 space.
Solayer (LAYER): Bearish Token Unlock Looms
In contrast to the bullish narratives around Ethereum and Pi, Solayer enters the week with a more cautious outlook. Built on the Solana blockchain, Solayer missed the latest crypto rally, with its price plunging from $3.35 to $1.20 largely due to forced liquidations and concerns over insider sales.
On Monday, Solayer will unlock $32 million worth of LAYER tokens, with $21 million allocated to the community and the rest directed to the project foundation. This unlock is part of a larger release schedule, with only 210 million LAYER tokens currently in circulation out of a 1 billion total supply.
Token unlocks typically pressure prices by increasing supply, and traders will be closely watching whether selling pressure intensifies or the market absorbs the new tokens. Other notable unlocks this week include Morpho, Aptos, Pendle, WhiteBit, and Arbitrum.
Final Thoughts
As crypto markets respond to broader economic signals including U.S.-China trade talks and upcoming inflation data the spotlight remains on project fundamentals and event-driven moves. Ethereum’s post-upgrade rally, Pi Network’s speculative surge, and Solayer’s token dynamics make these three cryptocurrencies essential to watch this week.
Whether you’re a trader looking for short-term moves or a long-term holder seeking entry points, this week could present key turning points for several high-profile projects.
