Solana (SOL) and ThorChain (RUNE) among first altcoin breakouts

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As a seasoned crypto analyst with years of experience observing and studying the digital asset market, I have witnessed numerous bull runs and bear markets. With Bitcoin (BTC) once again making its way towards potential new all-time highs, it’s interesting to see altcoins following suit. Among them, Solana (SOL) and ThorChain (RUNE) are among the first to break their downward trends.

With Bitcoin (BTC) making its way toward possible fresh record highs, several altcoins are mirroring its momentum. Notable among them are Solana (SOL) and ThorChain (RUNE), which have recently broken free from their downtrends.

$SOL still the frontrunner of the layer 1s

Among the leading cryptocurrencies as we navigate this bull market, Solana ($SOL) stands out as a strong contender. Surpassing both Bitcoin ($BTC) and Ethereum ($ETH), $SOL is an intriguing choice that merits close observation as the crypto market continues to evolve.

The weekly chart presents an optimistic outlook for Solana ($SOL) as it prepares to break free from its extended price triangle formation. This potential breach, a significant event after several weeks of consolidation, is a highly bullish indicator. By applying the measured move principle to this breakout, we anticipate a potential target price reaching $250. Surpassing the triangle’s upper boundary at this price point would provide ample motivation for investors and enabling $SOL bulls to aspire towards the all-time high of $260.

Based on Fibonacci extension analysis, potential price targets for the ongoing bull market lie at $416, $670, and $920.

$RUNE breaks out – recovery starts here

$RUNE experienced a significant decline, dropping approximately 73% from its previous all-time high during the last bull market peak. Moreover, it underwent a substantial correction, resulting in a nearly 60% decrease in value.

The recovery seems to be gaining traction for $RUNE now. Not just that, but its price surpassed the downtrend line and shattered the significant resistance at $4.30. It appears to be transitioning this level into a new support point.

Based on Fibonacci levels, the estimated prices for RUNE within the short to medium term are $6.31, $8.30, and $9.70. At its current price of $4.56, RUNE is significantly below its all-time high of $21.27, which was reached in May 2021.

Based on current market trends, investing in $SOL could be a more profitable choice for the remaining duration of the crypto bull market. Nevertheless, the ultimate success of both projects hinges significantly on their respective technological advancements.

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2024-07-18 16:10