The cryptocurrency market will have numerous catalysts this week, including the Federal Reserve and Bank of England interest rate decisions, the ongoing Iran and Israel crisis, and potential Bitcoin and Ethereum ETF inflows.
This article explores the top three cryptocurrencies to watch this week, including Solana, Ripple, and Zetachain.
SEC ruling on Franklin Templeton’s XRP ETF looms
Ripple (XRP) price will be a cryptocurrency to watch this week as the Securities and Exchange Commission delivers a ruling on Franklin Templeton ETF proposal on June 17.
The most likely outcome is that the agency will postpone the ETF approval as it evaluates other proposals by companies like VanEck, Bitwise, and 21Shares.
Most crypto traders believe that the agency, under Paul Atkins, will approve these ETFs by the end of the year. Polymarket odds of this approval have jumped to almost 90%.
Franklin Templeton’s XRP ETF decision comes as the coin has remained in a consolidation phase in the past few weeks. It has formed a symmetrical triangle on the daily chart, pointing to a big breakout or breakdown in the next few weeks.
One crypto pundit estimated that the coin will have a bullish breakout, which will align with Bitcoin price rising above the 8-year trendline that we covered here.
$275M token unlock could spark Solana rebound
Solana (SOL) price has dropped by 21.7% from its highest point in May, meaning that it has moved into a local bear market. This crash has coincided with the ongoing sell-off of most of its meme coins.
Solana price will be in the spotlight this week as the network will unlock tokens worth over $275 million on Saturday. These tokens represent about 0.36% of its float.
Still, technicals point to a Solana price rebound, as it has formed a bullish flag pattern on the daily chart. This rebound will be confirmed if the token rises above the upper side of the descending channel at around $160.
Zetachain token unlock ahead
Zetachain (ZETA) price has been in a downtrend and is hovering at its lowest level this year. It has plunged by over 80% from its highest point in 2024, partly because of its substantial monthly unlocks. These unlocks increase a token’s supply, which is risky, mainly when little demand exists.
ZETA price will be in the spotlight this week as it unlocks tokens worth $8.6 million, representing 5% of the float.
The daily chart above shows that the ZETA price has pulled back from a high of $0.3120 in May to $0.20 today. It failed to move below that support level three times since March, forming a triple-bottom pattern. Therefore, Zetachain price may bounce back this week if it holds the support at $0.20.
