With bitcoin powering out of its recent dip, at one point adding almost $9,000 to its price, the altcoin market has also begun to shift. Solana (SOL) and Injective Protocol (INJ) are among the first altcoins out of the blocks.
$SOL has hit $150, up 3.5% on Monday, and $INJ has just topped $25, also up more than 3%. Both blue chip altcoins, these are among the first movers as the crypto bull market potentially gets back into full swing.
$SOL breaks downtrend
Source: Coingecko/TradingView
Currently battling resistance at $152, the $SOL price has at least broken the downtrend and could come back to test this, plus the support at $137 before continuing upwards.
That said, the price could still battle through the resistance, and head back to the local top at $210. A confirmed hold above $152, turning this into support, would be the first step towards this target.
$SOL bounces from very strong support
Source: Coingecko/TradingView
Zooming out into the weekly time frame, it can be seen just how strong the support is at $137. The $SOL price held there, despite wicks below. A range has now developed between here and $203. The price might be expected to head back to the top of this range over the next few days to weeks.
$INJ approaches breakout decision
Source: Coingecko/TradingView
The $INJ price is currently trading sideways inside a triangle. As can be seen, there isn’t much of the triangle left to traverse. Therefore, a decision in price direction is coming soon. A retest has just been made of the support at $25, and a price breakout should follow soon. It will be very important to see the price break to the upside so that the downtrend can be properly reversed.
Strong support and stochastic RSI favour $INJ bounce
Source: Coingecko/TradingView
On the weekly time frame, the wicks down towards the very strong support at $0.57 should be noted. With the stochastic RSI on this weekly time frame approaching the bottom, a turn up should signal strong momentum that can boost the price back up towards the last local high at $1.22.
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.
