This Week's Biggest Winners and Losers in the Cryptocurrency Market

The cryptocurrency market continues to exhibit sharp price movements, with some tokens achieving remarkable gains while others experience significant downturns.

This week in cryptocurrency saw some tokens making remarkable gains while others faced significant downturns.

Here's a deep dive into the biggest winners and losers of the past seven days.

Biggest gainers

Story [IP]

Story [IP] had a stellar week, surging 205% from $1.50 to $4.40.

The token began its meteoric rise on the 20th of February, when a sustained buying spree pushed prices from $2.50 to a staggering peak of $5.80 on the 21st of February.

This rally was fueled by exceptional trading volume, particularly during the aforementioned explosive session when IP hit its weekly high.

However, profit-taking emerged above the $5.50 mark, triggering a pullback that stabilized around $4.40.

Despite the retracement from peak levels, IP maintains robust support at $4.20, with buyers consistently stepping in at this price point.

The token's price action forms a bullish consolidation pattern, suggesting potential for another leg up.

This week's surge places IP among the top performers in the crypto market, with technical indicators firmly in bullish territory.

Sonic [S]

Sonic [S] also captured significant attention this week, surging 60% from $0.52 to $0.81.

The former FTM token displayed remarkable momentum, especially during its mid-week rally that pushed prices to a peak of $0.95.

The bullish run kicked off on the 19th of February, with strong buying pressure driving a series of green candles that culminated in a high on the 21st of February.

Trading volume spiked notably during this period, reflecting substantial market interest in the token.

While profit-taking emerged above $0.90, causing a pullback to current levels, Sonic maintains its bullish structure.

The token found solid support around $0.80, with buyers consistently defending this zone.

Technical indicators suggest the uptrend remains intact despite the consolidation phase. The $0.85 level now represents key resistance, with a break above potentially triggering renewed buying interest.

Maker [MKR]

Maker [MKR] showcased exceptional strength this week, surging 58% from $1,000 to $1,585.

The DeFi heavyweight gained significant momentum after breaking through key resistance levels, particularly the crucial $1,200 mark.

The bullish momentum accelerated on the 21st of February, when MKR recorded a substantial green candle, pushing prices from $1,200 to $1,400 in a single session.

Trading volume spiked dramatically, with the MACD indicator confirming strong bullish momentum as it crossed above the signal line.

Technical analysis reveals that MKR's price action formed a powerful uptrend, with each retracement finding solid support at higher levels.

The token successfully breached its 200-day moving average at $1,487, turning it into a support level.

Recent sessions, at press time, showed MKR consolidating above $1,500, suggesting buyers remain in control.

The MACD histogram continues to print higher highs, indicating sustained bullish momentum.

For traders eyeing entry points, the newly established support at $1,500 presents a key level to watch.

A successful defense of this zone could set up MKR for another leg higher, potentially targeting the $1,700 resistance level. However, any break below $1,400 might signal a short-term pullback.

Top 1,000 gainers

Beyond the top performers, the broader market also saw some notable surges.

Scotcoin [SCOT] led the top 1,000 tokens with a 742% gain, while Undeads Games [UDS] and Solana Social Explorer [SSE] posted 295% and 266% gains, respectively.

Biggest losers

Raydium [RAY]

Raydium [RAY] emerged as this week's biggest loser, plummeting 16% from $5.15 to $4.34.

The Solana-based DEX token faced relentless selling pressure, with bears dominating nearly every trading session since the 17th of February.

The sharp decline began with a series of large red candles breaching multiple support levels.

The most significant drop occurred in the first two days of the week, when RAY tumbled from $5.15 to $4.20, briefly bouncing at this support zone.

Despite a mid-week recovery attempt that pushed prices toward $4.80 on 21st February, sellers quickly regained control.

The MACD indicator remains negative, and a death cross pattern has formed