This week was mixed but still a reset for crypto.
Bitcoin broke above $87k before quickly pulling back below $84k, while Citi turned more bullish, raising its 12-month BTC target to $113k, and Solana ETF inflows slowed sharply to just $2.4 million for the week.
In terms of altcoin rotation, the week was mixed, with some mid-caps outperforming while the majors struggled to hold their momentum.
Weekly winners
Midnight [NIGHT] – Privacy-focused blockchain reversed back to late-Q1 levels
Midnight [NIGHT] has led this week’s gainers with an impressive 85% rally. In addition, it has recorded a fifth consecutive week of gains, showing consistent buying pressure and pushing NIGHT into a textbook accumulation phase near the $0.05 mark.
Now, the pertinent question is whether NIGHT is about to sell off after the substantial move higher.
Indeed, the altcoin has rallied to match the level where it closed in late Q1, which means both long-term and short-term holders will be closer to breakeven. Thus, there are likely profits to be locked in if the rally fizzles out.
However, the RSI still supports the bullish scenario.
Despite the strong rally, the indicator did not enter extremely overbought territory, meaning there is still potential for the bulls to absorb selling pressure and for the current structure to develop further.
If buying pressure holds, NIGHT could move above $0.05. Whether buyers absorb selling around that level could determine its next move.
Quant [QNT] – Blockchain project pushed into overheated signals
Quant [QNT] is the second weekly gainer, gaining up 50%.
However, unlike NIGHT’s bullish setup, QNT’s technical structure is becoming extremely overbought, and there is a risk of near-term selling pressure.
On a weekly chart, QNT’s RSI is already deeply penetrated into the green area, suggesting extremely overbought conditions. This follows last week’s massive 360% rally, so profit-taking is likely, given the current sideways movement around the $260 level.
The critical issue now is whether this range becomes accumulation or distribution. Bulls need to protect the $260 area; otherwise QNT could see a sharper correction. But if buyers absorb the selling and hold this range, the consolidation could set up another move toward $300.
Pump.fun [PUMP] – Memecoin launchpad reached a key inflection point
Pump.fun [PUMP] scored a third place on this week’s gainers chart with a substantial 25% increase.
Most importantly, PUMP is right now very similar to NIGHT in terms of bullish structure.
Technically, RSI remains below the overbought level despite three consecutive weeks of gains, which sent PUMP back to the pre-October crash level at $0.06.
Hence, it is not aggressive accumulation that has driven the rebound but rather steady and strategic accumulation. This may give PUMP more room to grow.
If this structure holds, it would be interesting to see the price break out and go above $0.06 could trigger a FOMO-driven move toward $0.08, putting PUMP among the altcoins to watch for another round of gains.
Other notable winners
Besides the majors, altcoins also had their share of winners this week.
Agoras: Tau Net [AGRS] posted the best performance with a 278% gain, followed by a 163% increase in Dolphin [POD] and a 113% gain in Hookr.fun [HOOKR].
Weekly losers
Lighter [LIT] – Decentralized perpetuals exchange erased its monthly gains
Lighter [LIT] was the worst performer this week, plunging by 20%.
However, this appears to be less of a pullback and more of a proper selloff. This happens after LIT’s spectacular dash to a new $5+ all-time peak, which probably triggered some profit-taking.
But regardless, this selloff has brought LIT back down to the early-August zone around $3.50, while RSI is still some distance away from the neutral point. That leaves the door open for another leg lower if the bears continue their attack.
And on the bearish side, this is also the biggest weekly correction for the altcoin so far.
Should the bears continue to rule the roost, a break below the psychological $3.50 level is a possibility.
On the flip side, however, bulls defending $3.50 and absorbing the selloff pressure could herald a reset ahead of another up-move on the altcoin.
Zcash [ZEC] – Privacy-focused blockchain entered a cooldown phase
Zcash [ZEC] has become the second-largest weekly loser, falling 16.7%. Unlike LIT, it retained most of its monthly gains, leaving its broader recovery structure relatively intact.
Meanwhile, the strong upside in the previous week proves that buying pressure is still present at lower prices, and the RSI is not extreme, opening the door for another wave higher. In early September, a similar pattern was the precursor to two weeks of consecutive gains, propelling ZEC to a nearly 50% rally.
Thus, it would be too rash to write ZEC off as a bearish asset at the moment.
Were this structure to hold, it could enable ZEC to bounce back from the fall this week and launch another weekly rally, with a new all-time highs scenario being possible in the near term.
DASH [DASH] – Privacy-focused cryptocurrency saw bulls stepping in
DASH [DASH] was the third-largest weekly loser, declining by 12%.
However, compared to LIT and ZEC, DASH’s structure appears relatively strong. The altcoin is consolidating within a tight $55-$60 range, with the consolidation period lasting for more than a month.
Meanwhile, RSI has started to cool off, giving DASH room to resume its bullish trend. A breakout could begin if bulls defend the current range, as DASH has shown remarkable resilience amid a double-digit correction.
Moreover, if buyers continue to hold $55, DASH could eventually break out of this month-long range.
A move above $60 would allow bulls to regain control and move toward the early-Q1 levels.
Other notable losers
In the broader market, downside volatility hit hard.
Anonymous Cat [ZCAT] led the losers with a 58% drop, followed by Artificial Inu [AI] falling 55%, and Bedrock [BR] slipping 52% as momentum sharply cooled.
Conclusion
This week was a rollercoaster. Big pumps, sharp dips, and nonstop action. As always, stay sharp, do your own research, and trade smart.
Final Summary
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Midnight [NIGHT], Quant [QNT], and Pump.fun [PUMP] led the week in gains.
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Lighter [LIT], Zcash [ZEC], and Dash [DASH] saw significant declines.
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