The cryptocurrency market experienced turmoil as major blockchain tokens, including SOL, MATIC, and ADA, fell by up to 25% within hours due to a possible risk-off event following the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Binance and Coinbase. The SEC identified 13 tokens, including MATIC and ADA, as securities, leading to Robinhood ending support for them.

Crypto Twitter users speculated that a major crypto fund sold their holdings, leading to illiquid market conditions. BNB, DOGE, and XRP also fell over 11%, while BTC dropped 3.6% and ETH slid 4.5%. Crypto futures saw a record $300 million in liquidations.

Investors may stay on the sidelines in the near term due to uncertainty. However, some top cryptocurrencies are attempting to sustain above their respective support levels and start a rebound. Here are the top five cryptocurrencies to watch:

1. Bitcoin (BTC) – BTC held out relatively well during the market turmoil, with its dominance rising to a year-to-date high of 47.6%.
Support level: $25,000
Resistance level: $40,000

2. Ether (ETH) – ETH also held up better than altcoins, with its dominance rising to 20%.
Support level: $1,700
Resistance level: $2,500

3. XRP – XRP fell over 11% following Hoskinson’s call for peace with the community.
Support level: $0.40
Resistance level: $0.80

4. Lido DAO (LDO) – LDO has seen gains amid the market turmoil.
Support level: $1.80
Resistance level: $4.50

5. Render Token (RNDR) – RNDR has been recovering from its recent dip.
Support level: $1.80
Resistance level: $3.20

While the market is volatile and uncertain, it is important to exercise caution and not make any impulsive decisions. This article does not contain investment advice or recommendations. It is crucial to do your own research and seek professional advice before making any investment decisions.