Entering October and Q4, the market has begun to recover, bringing gains to many crypto assets, with some altcoins even hitting new record highs.
Bitcoin Magazine analyzed the three best-performing altcoins over the past seven days, including the Solana meme coin POPCAT, which set a new ATH this week.
FTX Token (FTT)
FTX’s native token, FTT, has surprised the market by outperforming every major altcoin in the top 100 cryptocurrencies. FTT has increased by 95% over the past week and is currently trading at $2.72. This sudden surge has caught the attention of both traders and investors.
This price surge was largely fueled by rumors of the start of repayments to creditors. With the distribution plan hearing scheduled for October 7, the bullish sentiment is expected to continue, which could push the price higher.
If the momentum continues, FTT could rise to $2.98. However, the token could see a drop to $2.54 or even $2.20 if the momentum wanes, leaving investors wary of potential risks.
Popcat (POPCAT)
POPCAT hit a new record high this week, up 31% in the past 24 hours. The Solana-based meme broke through the $1 resistance level, setting a new ATH at $1.29 after struggling to break above it all week.
The motivation for this sudden surge remains unclear, but if POPCAT investors avoid selling, the coin could continue its uptrend. This could result in a new high, further boosting sentiment.
However, if profit-taking takes place, it could halt the rally and push the price down to $1. Losing this key support level would invalidate the bullish outlook.
Wormhole (W)
Wormhole may not have been as bullish as other tokens, but it has still managed to make an impressive 14.8% gain. Currently trading at $0.34, the altcoin has caught the attention of investors.
Wormhole came close to hitting its weekly high of $0.42 but fell below the $0.35 resistance. This barrier has been in place since mid-July, and if it is broken, the price could rise to $0.42 again.
A test of the $0.42 resistance would mark a nearly four-month high. However, if Wormhole fails to break above the $0.35 level, it could continue to be trapped between $0.28 and $0.35, invalidating the bullish outlook.