Solana (SOL) and Injective Protocol (INJ) retest support – up from here

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As a seasoned cryptocurrency analyst with over a decade of experience in the industry, I have seen my fair share of market trends and price movements. And based on my observations, Bitcoin (BTC) seems poised to break free from its 135-day long downtrend, which could potentially kickstart another stage of the ongoing bull market.

Bitcoin (BTC) appears poised to break free from its 135-day long downtrend, potentially triggering a strong rally for certain altcoins. Notable contenders include Solana (SOL) and Injective Protocol (INJ), which have recently tested their support levels. As such, these coins could spearhead the next phase of the bull market.

$SOL retests trend line support

As a crypto investor, I’ve witnessed an exhilarating price action from Solana ($SOL) over the past two weeks. The triangle pattern that had been containing its price for quite some time was shattered following a massive 44% surge. This impressive rally propelled the token’s value from the bottom of the triangle, which was at $128, all the way up to $184.

Imagining further, it seems $SOL is poised to return to its peak in this bull run, reaching around $210. With a small leap forward, the historic high of $260 from the previous market surge could also become within reach.

In the current bull market, among the leading cryptocurrencies based on market capitalization, Solana ($SOL) stands out as the top-performing altcoin with impressive gains. Notably, it has surpassed Ethereum ($ETH) in certain key metrics. Despite this achievement, $SOL’s market capitalization is significantly smaller than that of $ETH. As a result, there may be substantial potential for further growth in the value of Solana.

Beautiful price structure formed by $INJ

During this current bull market, $INJ‘s price performance has not matched $SOL‘s impressive gains. Specifically, there was a significant setback for $INJ, with its value dropping by nearly 68% within a span of sixteen weeks, causing it to plummet from $53 down to $17.

Despite the previous descent, INJ now seems to have halted this trend and could potentially signal a turnaround if its price remains above the trendline.

On Friday, $INJ has surged over 8%, making it one of the most noteworthy gainers. With increasing momentum, the next resistance level to watch is at $31. If the price manages to break through this barrier, $45 becomes the next significant target. Should $INJ maintain its upward trajectory above this point, a solid foundation for the ongoing bull market could be established.

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2024-07-26 15:03