Five Most Popular Cryptos This week: BTC, ETH, SOL, DOGE, and XTZ

It has been a choppy week for the crypto market, with investor appetite for cryptos tested in the week.

Market sentiment towards US inflation, Fed monetary policy, and the economic outlook delivered broad-based crypto volatility.

In response to a pickup in US inflationary pressure, the Fed began talking of 100 basis-point rate hikes to spook the markets. The talk of 100 basis point hikes came ahead of US wholesale inflation figures, which also spiked in June.

With FOMC members delivering mixed signals on Fed monetary policy, the market focus shifted to US retail sales figures due on Friday.

Better-than-expected numbers would put a 100-basis point rate hike firmly on the table, a negative for cryptos.

However, while the crypto winter and sentiment towards Fed monetary policy weighed, crypto popularity remained strong.

According to LunaCrush, bitcoin (BTC) was the top coin by social media mentions, followed by Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and Tezos (XTZ).

Despite the market doom and gloom, BTC had 2.3 million mentions on social media, with ETH (1.67m) and also seeing substantial interest.

SOL (0.794m), DOGE (0.283m), and Tezos (0.245m) trailed significantly, however.

Performances were also mixed this week, with the crypto news wires influencing investor appetite for the respective coins.

Bitcoin (BTC)

For the current week, Monday through Friday, bitcoin was up by just 0.24% to $20,879. A choppy week saw bitcoin fall to a Wednesday low of $18,919 before striking a Friday high of $20,972.

Resistance at $21,000 continued to peg bitcoin back amidst Fed monetary policy uncertainty and fears of an economic recession.

A breakout from the current-month high of $22,377 would bring $25,000 levels into play to give the bulls a look at the June high of $31,956.

In the event of another extended reversal, avoiding the June and current-year low of $17,601 remains the key.

Ethereum (ETH)

For the current week, Monday through Friday, Ethereum was up by 3.43% to $1,207. A choppy week saw Ethereum track the broader market to a Wednesday low of $1,010 before striking a Friday high of $1,222.

Resistance at $1,200 continued to peg Ethereum back amidst Fed monetary policy and economic uncertainty.

A breakout from the current-month high of $1,275 would bring $1,500 levels into play to give the bulls a look at the June high of $1,972 and $2,000.

In the event of another extended reversal, avoiding the June and current-year low of $883 remains the key.

On the fundamentals, progress towards the Merge has delivered support, with a September transition from a proof-of-work to a proof-of-stake consensus ETH positive. However, news of delays would test ETH buyer appetite.

Solana (SOL)

Monday through Friday, Solana was up by 3.93% to $38.10. SOL fell to a Wednesday low of $31.85 before striking a Friday high of $38.16.

Resistance at $40 continued to peg SOL back since recovering from the June 14 current-year low of $24.84.

A breakout from the current-month high of $39.81 would bring $45 levels into play to give the bulls a look at the June high of $46.10 and $50.

In the event of another extended reversal, avoiding sub-$25 and the June and current-year low of $24.84 remains the key.

Project news updates from the Solana ecosystem and the NFT space will need to impress to support a breakout from current levels.

Dogecoin (DOGE)

This week, Monday through Friday, DOGE was down by 4.91% to $0.0639. Bucking the broader market trend, DOGE fell from a Monday and current-week high of $0.0672 to a Wednesday and current-week low of $0.0576.

News of Elon Musk pulling out of the Twitter deal led DOGE into the deep red before finding support. However, DOGE avoided the June 18 current-year low of $0.0491.

Near term, a DOGE breakout from the current-month high of $0.0734 would give the bulls a look at the June high of $0.0893 and $1.0.

In the event of another extended reversal, avoiding sub-$0.05 and the June and current-year low of $0.0491 remains the key.

Tezos (XTZ)

For the current week, Monday through Friday, XTZ was down by 1.41% to $1.603. Also bucking the broader market trend, XTZ fell from a Monday and current-week high of $1.708 to a Wednesday and current-week low of $1.399.

Resistance at $1.70 continued to peg XTX back since recovering from the June 18 current-year low of $1.192.

A breakout from the current-month high of $1.708 would bring $2.00 levels into play to give the bulls a look at the June high of $2.352.

In the event of another extended reversal, avoiding sub-$1.20 and the June and current-year low of $1.192 remains the key.

Increased scrutiny over the proof-of-work consensus mechanism has given Tezos greater market attention, supported by its energy-efficient blockchain.

The low carbon footprint blockchain has lured big names to launch NFT collections on the Tezos blockchain. This key attribute will likely keep Tezos in the spotlight as more big names go virtual.