HEGE, SOL, SAFE: Top cryptocurrencies to watch this week

The recent upward trend in the market faced a setback last week, with the global cryptocurrency market shedding $70 billion, dropping to $2.28 trillion. This correction came as Bitcoin (BTC) closed the week at the lower end of the $67,000 range, which contributed to the overall market downturn. However, certain altcoins showed strength and resilience.

Here are our top picks for the cryptocurrencies to watch this week, following notable price movements last week:

HEGE on a recovery push

Hege (HEGE) initially fell under the bearish market pressure last week but managed to recover by the week’s end. Despite the late rebound, Hege ended the week below $0.01, dropping nearly 18%, marking its first time trading under that threshold this month. However, the coin made a notable comeback on Saturday, gaining 20% that day, and this upward momentum continued into the new week, with an additional 10.70% increase this morning.

The recovery appears to be forming a V-shaped bottom, with potential for a rally towards the $0.0147 level, its previous high. The Relative Strength Index (RSI) currently stands at 46.71, indicating that Hege still has significant room for growth. However, for the recovery to continue this week, it must hold above the $0.01 level.

If the price drops below the 0.382 Fibonacci level at $0.00975, it could trigger a new downtrend.

Hege, which launched in April, is a meme coin based on a storytelling concept featuring a character navigating financial struggles and redemption.

SOL bucks the trend

Solana (SOL) defied the broader market’s negative trend last week, posting a 7% gain while most other cryptocurrencies experienced declines. SOL ended the week above $170, even after starting below $160.

A Commodity Channel Index (CCI) of 111.50 indicates that Solana’s momentum is strong, and the uptrend is likely to continue, supported by ongoing whale accumulation. However, caution is warranted as the CCI is nearing overbought territory, which could signal a potential reversal.

If a correction occurs this week, the $159.46 level, which previously acted as resistance, is expected to serve as the first major support. A drop below this level could lead to further declines, with the next Pivot point at $144.76.

Should the selling pressure breach the Pivot level, the market could turn bearish, and Solana’s next support levels would be at $128.80, $118.94, and $102.98.

SAFE spikes 55%

Like Solana, Safe (SAFE) carved its own path last week, defying the broader market trend. The altcoin saw its biggest surge on October 24, spiking by 40.54%, its largest intraday gain this year, after being listed on Upbit. SAFE held onto these gains the next day, rising by another 11.52%, and despite a minor retracement on Saturday, the asset closed the week 55% higher at $1.468.

Safe continues to show strong bullish momentum, with the +DI of the Directional Moving Index (DMI) at 39.6, and the ADX at 40.5, indicating robust trend strength. The -DI is at 8.8, suggesting a decrease in the bearish pressure.

However, the recent correction has continued into the new week, with Safe losing 6.81% of its value today. In the event of further declines, the Fib. 0.618 level at $1.269 may act as key support. A deeper pullback could bring $1.11 into focus as the next major level of defense.

Safe, which spun off from Gnosis—a well-known Ethereum-based decentralized platform—in 2022, has since focused on developing its multisignature wallet technology and building out its decentralized infrastructure as an independent entity.