Solana (SOL) and Injective Protocol (INJ) approach breakouts

by

As a researcher with a background in cryptocurrency analysis and a personal experience of navigating bear markets, I find it intriguing to observe the recent price movements of altcoins like $SOL and $INJ. While Bitcoin’s downward pressure is a significant concern for many investors, these two altcoins seem to be holding their own and even showing potential signs of breakouts.

Will these breakouts materialize? If they do, what could be their respective price objectives?

$SOL breakout or rejection?

Over the past five days, the value of $SOL has been climbing steadily, resulting in a 17% increase from its bottom at $121. However, the price is currently encountering significant resistance at around $142, which intersects with a short-term descending trendline (represented by the dashed line). If $SOL manages to surmount this hurdle, a potential breakout of the triangle could follow – contingent upon Bitcoin‘s ($BTC) behavior.

In simpler terms, the price of $SOL, when observed on a weekly chart, has risen above the 0.382 Fibonacci level. The lack of a drop to the 0.618 Fibonacci level is an optimistic indicator. If the uptrend resumes and surpasses the resistance at $142, it’s likely that $SOL will continue its bullish trend.

If a breakout occurs, potential upward targets are $164, which is the 0.618 Fibonacci level, and $206, which represents the 0.786 Fibonacci level. Beyond these levels, you’ll find resistance at $250 and then the historic peak at $260.

$INJ building beautiful price structure

Based on current market conditions, the INJ token’s price appears primed for a significant surge. A solid foundation has been established around the $118 mark, and soon, the near-term downtrend may be shattered to initiate an uptrend. If this happens, potential obstacles for further growth include the resistance levels at $23 and $30. Ultimately, the major hurdle lies at the $31 price point.

As a crypto investor in $INJ, I believe breaking past the resistance at around $31 would pave the way for the coin to establish a solid base. Following this, the price could potentially reach the next target at $45. If we manage to surpass this level, the path to the all-time high of $53 becomes more attainable. This well-defined price structure bodes well for $INJ, as it could set the foundation for substantial price growth throughout the remainder of the bull market.

Read More

2024-07-09 14:12