Bitcoin (BTC) looks as though it may break out of the downward trend it has been in for 135 days. If this happens, certain altcoins could run hard. Solana (SOL) and Injective Protocol (INJ) have just retested support, therefore, they are likely to be among the leading altcoins in this next stage of the bull market.
$SOL retests trend line support
Source: TradingView
The $SOL price broke out of its triangle after a huge 44% surge, which took it from the bottom of the triangle at $128 to $184, in only two short weeks. Since that time, the price has corrected back to not only retest support at $173, but also the top of the triangle at $168.
It could now be imagined that all is ready for $SOL to move back to its local high for this bull market, at $210. From there, the all-time high from the last bull market of $260, wouldn’t be that far away.
Among all the top ranked cryptocurrencies by market capitalization, $SOL is far and away the best performing altcoin for this bull market. Now surpassing Ethereum for some of the main metrics, and still lagging a long way behind $ETH’s market capitalization, there can be a lot more left in the tank for $SOL.
Beautiful price structure formed by $INJ
Source: TradingView
The $INJ price has certainly not had the same success as $SOL during this bull market. A 68% retrace over a period of 16 weeks, took $INJ from $53, all the way back to $17.
Nevertheless, $INJ looks to have finally broken the downward trend, and looks to have confirmed the reversal, as long as the price does not break back below the trend line.
Up more than 8% on Friday so far, $INJ is one of the top movers. If a head of steam can get behind the price, the resistance at $31 is the next target. $45 is the following major target, and should the price hold above, this could provide the base structure for the rest of this bull market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
