Solana (SOL) and Render (Render) fastest horses for next stage of bull run

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As a seasoned researcher with a background in cryptocurrencies and market analysis, I have closely followed the trends and patterns of various digital assets over the years. In my opinion, Bitcoin’s current bull run is showing no signs of slowing down, and the altcoins are starting to follow suit. Among these, Solana (SOL) and Render (RENDER) stand out as potential top performers for this stage of the market.

During the ongoing bull market for Bitcoin, if it continues to surge higher, followed by altcoins, this phase is expected to bring about an intense and lively period. Among the cryptocurrencies poised to gain significant momentum during this time could very well be Solana (SOL) and Render (RENDER).

$SOL top-performing layer 1

In the current bull market, Solana (SOL) stands out as the top-performing layer 1 cryptocurrency. When the broader market took a pause and even dipped after Bitcoin reached its all-time high, Solana was among the early movers to break free from this downtrend. Currently, it is on its way back towards the $210 peak that it had achieved in mid-March.

$SOL follows upward-sloping channel

As a researcher studying the cryptocurrency market in a compressive 4-hour timeframe, I’ve observed that the price action of $SOL appears to be moving within an uptrending channel. However, it seems to have encountered resistance at the upper boundary, potentially leading to a correction. A possible support level for the price could be around $188, or even lower at $180 or $175. Keep in mind that the triangle breakout has already been confirmed, so revisiting prices this far below the breakout point is less probable.

$202 next major resistance

Looking at a broader perspective of one week, it becomes clear that Solana (SOL) has revisited the peak of its triangle formation. Should it manage to overcome the upcoming resistance at $202, the all-time high of $260 lies ahead.

$RENDER nears trend reversal

In terms of recent achievements, $RENDER has significantly lagged behind $SOL. While $RENDER continues to grapple with its slumping trend, $SOL has already shown consistent growth over the past few months.

Based on the past price trends of $RNDR, it’s reasonable to anticipate that $RENDER may begin to increase significantly if it manages to surpass the $6.60 mark. Once this level is breached, there’s a good chance it will break free from the current downtrend.

The price aims to reach $7.64 and $9.32 as interim goals. If it surpasses $11.65, this will serve as a strong foundation for attempting to break through the record-high price of $13.63.

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2024-07-29 14:07