The third week of August 2024 took the cryptocurrency market by surprise, with some of the biggest gainers being those that had previously suffered significant losses.

It’s worth noting that many of the top 100 altcoins by market cap are closing the week in the green. Here’s a look at the top three performers, what drove their gains, and what could come next.

Polygon (MATIC)

Last Friday, Polygon (MATIC) was trading at $0.40. So far, the token has gained 32.50% over the past seven days, reaching $0.53, making it one of the top performing altcoins.

MATIC’s impressive recovery is likely linked to increased whale accumulation. Typically, large-scale whale buying leads to a surge in the price of a cryptocurrency, and that seems to be the case here. Additionally, anticipation surrounding the token’s upcoming migration to POL may have sparked renewed demand and optimism.

Technically, the MATIC breakout was driven by a falling wedge formation. A falling wedge is a bullish pattern where descending trend lines converge - representing higher lows and lower lows. When buyers start to slow the decline, a reversal occurs, as we saw with MATIC.

The Moving Average Convergence Divergence (MACD) indicator is also positive, confirming the bullish momentum. MACD, a trend and momentum indicator, signals bullish momentum when it is in the positive zone, supporting the ongoing price recovery.

If the trend continues, MATIC could extend its rally towards $0.56. After the POL migration on September 4, another jump to $0.672 could occur. However, if the event triggers a sell-off reaction on the news, MATIC price could drop to $0.46 instead.

Super AI Alliance (FET)

After several weeks of decline, FET’s price has surged 26% over the past seven days, helping it enter this coveted list. On August 3, the token’s price dropped below $1 despite hype surrounding a merger with the Super AI Alliance.

The early stages of the merger were difficult. However, the increased accumulation since the start of the last stage was crucial to the final price pump.

FET is currently trading at $1.07, and the recent surge is likely driven by increased capital inflows. On the daily chart, the Money Flow Index (MFI) is at its highest level since early August. This increase indicates that the price rally is supported by significant buying volume, reflecting strong investor interest and market participation.

If it continues, the altcoin price could reach 69% of the bullish defense at $0.78. However, the token is also facing potential resistance at $0.15. If the bulls fail to break through this area, FET price could drop to $0.92.

BitTorrent (BTT)

|BitTorrent (BTT), a cryptocurrency designed to power the world’s largest decentralized peer-to-peer (P2P) data sharing network, is among the biggest altcoins gaining this week. The coin’s recent surge is largely tied to the performance of Justin Sun-related cryptocurrencies.

Sun, the founder of the Tron blockchain, acquired BitTorrent in 2018. Since then, the price of BTT has often reflected developments related to Sun. This time, the launch of SunPump, the rise in the price of meme coins on Tron, and the increase in the price of TRX contributed to BTT’s strong performance. On August 21, BTT’s trading volume increased by more than 200%, indicating renewed interest in the token.

Currently, BTT is trading at $0.00000093, its highest level since June 16. Two days ago, it briefly reached $0.0000010, hitting a significant historical supply zone that required significant buying pressure to break. As the daily chart shows, bulls failed to sustain momentum at this level, leading to a rejection.

The Relative Strength Index (RSI) also reached the overbought threshold at 70.00, prompting a pullback. RSI is a leading indicator that measures market momentum and identifies overbought or oversold conditions.

Readings below 30.00 on the Relative Strength Index (RSI) indicate that the asset is oversold, while those above 70.00 suggest that it is overbought. Additionally, the Cumulative Volume (CVD) indicator, which tracks buying and selling pressure, shows that sellers are currently in control.

If this trend continues, the price of BTT may drop to $0.00000085. However, the bullish sentiment surrounding Sun-related altcoins may reverse the situation, which may push the token’s value to $0.00000098.