Solana (SOL) and Injective Protocol (INJ) ready to surge into next bull market phase

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As an experienced analyst, I believe that Solana (SOL) and Injective Protocol (INJ) are two altcoins poised for significant gains as the broader crypto market continues its advance towards new all-time highs. Based on my analysis of their respective price charts, I’m particularly bullish on SOL, which I believe is currently the fastest layer 1 horse in the race.

Preparing for Bitcoin‘s potential push towards its all-time high and the subsequent bull market’s next parabolic phase, I believe Solana ($SOL) and Injective Protocol ($INJ) are two noteworthy altcoins gearing up to join the trend.

Solana is fastest layer 1 horse

Could Solana outpace other layer 1 platforms as the fastest in the current competitive landscape, or is Ethereum‘s recent progress with approved Spot Ethereum ETFs and imminent availability giving it an edge?

When examining the SOL/ETH price chart, it’s clear that Solana ($SOL) has outperformed Ethereum ($ETH) significantly. The impressive 544% increase in the value of Solana compared to Ethereum since June last year is a strong indicator of this.

With regard to the US dollar, Solana’s SOL token has demonstrated exceptional gains, amounting to 705% since last October. The upward trajectory exhibits an incline of approximately 45 degrees on the trend line, and the price adheres to this pattern. Noteworthy is the correction of 44%, which followed the peak at $210. This significant reversal serves as a strong foundation for future growth, providing a solid base for potential price increases.

Looking closely at the chart using Zoom, the price of SOL appears to be forming a triangle pattern. This triangle may potentially break within the upcoming week or two. Considering the current strong upward trend, the breakout is predicted to head in an optimistic direction.

$INJ nearing breakout

$INJ experienced a significantly larger decline than $SOL, resulting in a 65% reversal from its peak at $53 to a bottom at $18. Since then, the price has established a solid foundation around $18, which was reached in late March. Currently, it is attempting to surmount the resistance level of $29 for the third time.

As we zoom in closer, it becomes apparent that the price may be shaping an ascending triangle formation. Should $INJ fail to advance beyond this resistance point, there’s a strong possibility for a pullback towards the underlying trend line, which could then lead to another rebound. However, given the overall bullish nature of this chart pattern, the odds are tilted in favor of a potential price breakout upward.

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2024-06-07 14:07