As a seasoned crypto investor with a few bear and bull markets under my belt, I’ve learned to keep a close eye on both Bitcoin and altcoins. The recent surge in Bitcoin’s price has been an encouraging sign, and it seems that some altcoins are following suit. Solana (SOL) and Injective Protocol (INJ) are two such altcoins that have caught my attention.
As a researcher studying the cryptocurrency market, I’ve observed Bitcoin rebounding strongly after its recent dip, with a significant price increase of nearly $9,000 at one point. This bullish trend has also spurred activity in the altcoin sector. Two notable projects, Solana (SOL) and Injective Protocol (INJ), have been among the first to gain momentum in this market shift.
As a crypto investor, I’m thrilled to see Solana ($SOL) reaching new heights with its price hitting $150, marking a 3.5% increase on Monday. Similarly, INJ or Ingot Coin ($INJ) has surpassed the $25 threshold, registering over 3% growth as well. These two established altcoins are leading the charge as the crypto bull market shows signs of making a strong comeback.
$SOL breaks downtrend
At present, the price of $SOL is facing opposition at the $152 mark. However, it has managed to break through the previous downtrend, potentially allowing it to revisit this level and the underlying support at $137, before resuming its upward trend.
Despite this, the cost has the potential to push past the resistance level and reach the nearby peak at $210. If the price holds firm above $152, this level will then function as support, paving the way for this objective.
$SOL bounces from very strong support
Looking at the larger picture of a week’s worth of data, it is clear that the support for $SOL is robust at $137. The price managed to bounce back even when wicks dipped below this level. Currently, there is a range between $137 and $203. It is likely that the price will make its way back up towards the upper end of this range within the next few days or weeks.
$INJ approaches breakout decision
The INJ‘s price movement is presently confined within an almost completed triangle pattern on the chart. The implication is that a significant price shift is imminent, as only a small portion of the triangle remains unexplored. A recent test at the support level of $25 has occurred, hinting towards a potential breakout soon. It’s essential to keep an eye on the price action to confirm an upward breakout, which would be indicative of a reversal in the downtrend.
Strong support and stochastic RSI favour $INJ bounce
As a researcher studying the financial markets on a weekly basis, I’ve identified some noteworthy areas for potential price movements. The wicks or candlestick shadows on the chart have been reaching down towards the robust support level at $0.57. Additionally, the Stochastic RSI indicator on this time frame is nearing its bottom. A reversal or turn-up in the Stochastic RSI may signal a surge in buying momentum that could propel the price back up toward the last local high at $1.22.
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2024-05-06 17:04