- FLOW and PYTH emerged as the top-performing tokens during the midweek.
- CHZ, FTM, and ADA are among the altcoins showing potential for an upward breakout.
Bitcoin [BTC] led a notable market-wide retracement on July 24th as U.S. stock markets mirrored multi-week lows.
The NASDAQ composite and S&P 500 indices experienced their worst days since Q3, 2022.
Source: TradingView
Meanwhile, the leading crypto briefly dropped below $64,000 on July 25th after failing to hold the $65,500 level.
Bitcoin takes a backseat, altcoins take charge
Most altcoins remained subdued on July 24th and continued to show limited activity on the 25th.
Flow [FLOW] and Pyth Network [PYTH] stood out as the top-performing tokens in midweek price movements.
PYTH recorded double-digit gains on July 24th, driven by the news of Pyth Network supporting Galxe’s Layer-1 omnichain Gravity. In an announcement on July 22nd, the team stated,
“Gravity will be powered by Pyth, with Price Feeds being available to developers building on Gravity and looking to leverage the chain’s performance and UX capabilities. […] Smart contract developers can also tap into Pyth Network’s 550+ real-time price feeds for cryptocurrencies and even traditional asset classes.”
Flow’s native token FLOW reached an intraday and five-week high of $0.70 on July 24th according to CoinMarketCap, but has since retraced to $0.63.
Source: TradingView
On the daily chart, FLOW has recovered from losses in the second and third weeks of July. Currently, bulls are facing immediate resistance at $0.65.
The FLOW/USDT pair is trading within expanding Bollinger Bands on the 4-hour chart, indicating growing market volatility.
Source: TradingView
Significant widening of the bands often indicates a strong trend or an impending breakout.
The potential of CHZ, FTM, and ADA
Despite Bitcoin dominance reaching new heights, some analysts anticipate a rebound in the latter half of the year.
Market analysis platform Santiment pointed out Cardano [ADA], Chiliz [CHZ], and Fantom [FTM] as potential beneficiaries of price surges due to potential short liquidations.
These three tokens have consistently been targeted for shorting over the past five weeks.
Source: Santiment
ADA moved above the 20- and 50-simple moving averages (SMA) on July 12th following six consecutive green daily candles between July 8th and 13th.
Read Cardano’s [ADA] Price Prediction 2024-25
This streak marked the first such occurrence since February 26th.
