The cryptocurrency market rose for the second week in a row, with meme coins and decentralized finance-based tokens powering the surge.

The cryptocurrency market rose for the second week in a row, with meme coins and decentralized finance-based tokens powering the surge.

The cryptocurrency market encountered a second week of gains, with meme coins and decentralized finance-based tokens spearheading the rally.

Solana's (SOL) Fartcoin topped the gainers list with an astounding 83% rally over the previous week. The unconventional meme token hit a 5-week high of $0.56 on Sunday, blasting past the $550 million mark in market capitalization.

However, the rally might not sustain itself for long. Influential cryptocurrency analyst Ali Martinez spotted a sell signal for the coin on the TD Sequential Indicator, indicating a potential pause or correction.

The TD Sequential indicator timed the bottom for #Fartcoin with a buy signal on the 12-hour chart.

Now, it's flashing a sell signal, suggesting a potential pause or pullback ahead. #Solana #Cryptocurrency pic.twitter.com/lBk3sMUHYO

— Ali Martinez (@ali_crypto_notes) August 27, 2024

CAKE, the native token of decentralized exchange PancakeSwap, recorded yet another successful week, surging over 33%. The rise was likely aided by a 41% jump in trading volume on the platform over the week.

Another Solana-based meme coin, BONK, capped the week as the market's third largest gainer, adding over 25%. The canine coin jumped to a 3-week high.

Widely followed cryptocurrency trader CW noted BONK's breakout from a falling wedge formation, typically interpreted as a bullish reversal pattern.

$BONK has broken out of a falling wedge pattern.The rally is starting.There are only two sell walls above. As break through these sell walls, there are no more sell walls.The breakout of these two sell walls will signal the start of a bullish run for $BONK. pic.twitter.com/B4naK95Mkg

— Crypto W (@Crypto_W__) August 24, 2024

Market heavyweights Bitcoin and Ethereum also made meaningful strides last week, advancing by 3.60% and 5.63%, respectively.

The more established meme coins, however, struggled. While Dogecoin (DOGE) barely changed with a 0.46% move, Shiba Inu (SHIB) slid 3.45% over the week.

Official Trump (TRUMP) finished the week at a healthy 4.36% spike, bolstered by President Donald Trump's promotion.

The total cryptocurrency market capitalization expanded 3.6% over the week to reach $2.83 trillion.

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