Top–performing layer 1 crypto networks Solana ($SOL) and Sui ($SUI) are potentially ready to move higher, despite a period of increased volatility.
Solana ($SOL) and Sui ($SUI) are two layer 1 competitors to Ethereum ($ETH) which are generally outperforming not only all the other layer 1 networks, but also Bitcoin ($BTC) itself. Are these two cryptos going to continue to increase their domination going forward?
Next $SOL target $237
Source: TradingView
Just like in the case for $BTC, the $SOL price has burst out of the top of its bull flag and is heading higher, despite some major volatility that has the price spiking in both directions. The next target for $SOL is likely to be the 1.272 Fibonacci at $237, which is only another $20 to the upside from its current price of $217.
Strong upside price momentum likely to push $SOL to all-time high soon
Source: TradingView
Zooming right out into the 2-week chart, things are looking very positive for the $SOL price. There is slight resistance at the current price level, but with the momentum from the explosive exit from the bull flag, this should be surpassed relatively easily.
Heavy upside momentum is also being signalled in the 2-week Stochastic RSI. Both indicators are angled strongly upward, and there is probably quite a few weeks before they reach a top. It might be expected that $SOL surpasses its all-time high soon.
$SUI bulls eye $4.16, then $5 price targets
Source: TradingView
If anything, the $SUI chart is even more impressive. A 645% run up since early August this year is still ongoing. A cup and handle chart pattern is currently playing out, the measured move for which is in the chart above at $4.16.
Having already surpassed the 1.618 Fibonacci, the next major target for $SUI will be the 2.618 Fibonacci at $5. All this positive price action aside, $SUI bulls will need to keep an eye on the RSI as the price approaches that $5 resistance. This could coincide with a very overbought indication, which could end up bringing the $SUI price down for a sizable retracement.
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.
