The crypto market is recovering on Wednesday after two down days that wiped nearly $400 billion from the combined crypto market cap. The fastest of the larger altcoins to plough higher is Solana. $SOL is already up 10% over the last two days.
$SOL bounces from strong support
Source: TradingView
The daily chart for $SOL (SOL/USD) shows a nice bounce from the low of Tuesday. It would be likely that the $SOL bulls push the price back to the top of the channel from here. If this can be achieved, a subsequent breakout gives a measured move to around $275.
$SOL bull flag could send price to $345
Source: TradingView
The weekly chart highlights that the channel is actually a bull flag. If the price should break out of this structure, the measured move would be much higher, to $345. Very solid price structure is below at $202, and so this is potentially a base for the rest of this bull market.
$SOL back inside wedge in relation to its $BTC pair
Source: TradingView
Against its $BTC pair (SOL/BTC) $SOL is once more back inside the long-term wedge pattern that has been building since the end of 2023. The daily chart above shows that the Stochastic RSI is once more heading to the upside, bringing momentum into $SOL’s favour.
$SUI - a layer 1 competitor to watch
Source: TradingView
One major layer 1 competitor to $SOL, which is having success against a $SOL pairing, is $SUI (SUIUSD/SOLUSD). $SUI is up 320% against $SOL since late July of this year.
In the weekly chart above, it can be seen that the SUI/SOL pairing has crossed above a significant resistance level. This current $SUI dip could just be to confirm that this level has now been flipped into support. $SUI is certainly one of the new layer 1s to keep an eye on for the rest of this bull market.
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.
