As Bitcoin (BTC) heads back towards potential new all-time highs, the altcoins are following in its wake. Solana (SOL) and ThorChain (RUNE) are first among the altcoins to break their down trends.
$SOL still the frontrunner of the layer 1s
Source: TradingView
$SOL is certainly the front runner among the top layer 1s for this crypto bull market. Outperforming both $BTC and $ETH, $SOL is one to keep an eye on as the rest of this crypto bull market unfolds.
On the weekly chart, the $SOL price is looking good. A breakout from its triangle of many weeks in the formation, is an incredibly bullish sign. A measured move for the breakout suggests a target price of $250. This would easily exceed the top of the triangle and would enable $SOL bulls to set their sights on the $260 all-time high.
Targets for further out into what remains of the bull market are $416, $670, and $920, as per fibonacci extension levels.
$RUNE breaks out - recovery starts here
Source: TradingView
$RUNE is facing a far steeper recovery, having plunged 73% since the last bull market top, and has suffered a 60% dip during this last corrective period.
However, the revival does appear to be on for $RUNE now. Not only did the price break back above the down trend, but it also broke through the very strong resistance at $4.30, which it looks to be in the process of flipping into support.
Short to medium term targets for $RUNE are $6.31, $8.30, and $9.70 according to fibonacci levels. At $4.56 currently, $RUNE is still a long, long way from getting back to its all-time high of $21.27, made back in May 2021.
Therefore, $SOL is very much the better bet for the rest of this crypto bull market. However, as always, this will very much depend on the success or otherwise, of both projects’ future tech implementations.
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.
