Solana (SOL), Injective (INJ), and Thorchain (RUNE), primed for the next big moves

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As a seasoned crypto investor with a few bull markets under my belt, I can confidently say that being selective with altcoins is crucial during this next phase of the bull market. Holding a diverse portfolio of altcoins comes with an opportunity cost, as some may not perform as well and could drag down overall gains.

As a financial analyst, I’ve been closely monitoring the bitcoin market, and it appears that we’re on the verge of another significant price surge with Bitcoin. With this bullish outlook, several altcoins are positioning themselves to potentially benefit from the upcoming Bitcoin rally. Among these contenders, Solana (SOL), Injective Protocol (INJ), and Thorchain (RUNE) stand out as strong candidates based on their current market performance and potential growth prospects.

Choosing the right altcoins as the next bull market phase unfolds is crucial. Investing in large quantities of altcoins, however, may not be the optimal approach. The cost of supporting underperforming or losing altcoins is an opportunity missed.

As a crypto investor, carefully considering which altcoins have the potential for substantial returns is crucial. Blindly following traders or being swayed by influencer hype may not yield the best results. Instead, seek out numerous expert opinions and make informed decisions based on this collective knowledge. This proactive approach could lead to more profitable investments.

Among the top three altcoins poised to succeed and endure in the upcoming bull market are Solana ($SOL), Inexperience ($INJ), and Cosmos ($RUNE). From a fundamental standpoint, these cryptocurrencies boast strong foundations and compelling use cases. Additionally, based on technical analysis, these altcoins have shown early signs of growth among their peers in the crypto market.

$SOL has all-time high in its sights

As an analyst, I would rephrase it as follows: I see Solana ($SOL) positioning itself as a serious contender to Ethereum ($ETH) in the crypto world. Although Ethereum holds a significantly larger market capitalization and has been leading the way for several years, Solana’s impressive performance over the past year cannot be ignored. With an astonishing 700% surge, Solana is now on the brink of setting new highs against Ethereum.

Analyzing the weekly price action of Solana ($SOL), I notice that the robust uptrend remains unbroken, as not even the latest correction caused a candle to close below the trendline. A formidable resistance lies at $202; surmounting this barrier may propel $SOL towards challenging its all-time high of $260, reached back in November 2021.

$INJ coming back from big correction

Over the past ten weeks, I’ve witnessed a significant downturn of 65% for Injective Protocol (INJ) during the latest crypto market correction. This setback required the price to surmount various resistance levels before making any progress towards reaching new highs. Nevertheless, signs point to the fact that the bottom has been reached, and the price is gradually climbing back up. On Monday morning alone, I’ve observed a more than 5% increase in $INJ’s value, suggesting that this positive trend may continue.

$RUNE about to break resistance

$RUNE has been advancing for four consecutive weeks, pushing the price to encounter resistance around $6.90. This level is not far from the 0.382 Fibonacci retracement level at $7.00. Clearing these hurdles would pave the way for potential gains towards the 0.618 Fibonacci level at $8.74, and further up to the 0.786 level at $9.95. For ambitious targets, investors may look forward to reaching the 1.618 Fibonacci level at $15.91 or even surpassing the all-time high at $21.26.

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2024-05-20 14:18