Solana (SOL) breaks out and Injective (INJ) follows
Two of the biggest stars of this bull market have broken out after long periods of sideways price action. $SOL and $INJ are likely to be among the frontrunners of the next stage of this wild crypto bull market.
$SOL strong breakout
Source: Coingecko/Trading View
Into the tenth week of traversing inside a triangle, $SOL has finally done the proper thing and has broken out to the upside. The very strong breakout has already propelled $SOL into making a new local high for this bull market.
Source: Coingecko/Trading View
Zooming right out to the macro picture of the weekly time frame, it can be seen that $SOL has just touched the resistance at $137. With such a strong momentum behind it, $SOL will be looking to surpass this and go on to $148, and $174.
With this bull market only really starting to get going in earnest, Solana’s all-time-high at $260 does not seem too far off.
$INJ momentum to push price higher
Source: Coingecko/Trading View
Like $SOL, $INJ has been in a sideways accumulation pattern for ten weeks. The ups and downs have helped investors, and probably many of these large ones, to increase their positions. The resistance band between $42.50 and $43.30 has still not been broken, but it looks like this might eventually happen.
Coingecko/Trading View
The weekly chart is showing a continuation of the sideways price action, and the price has been rejected at $45.70. That said, the weekly stochastic RSI indicator has reset at the bottom, and therefore the next few weeks of positive momentum have the potential to drive the price higher and cause it to break out of this pattern.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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