With $BTC looking ready to make its next big move higher, the altcoins are jockeying for position, and the strongest among them include Solana (SOL), Injective Protocol (INJ), and Thorchain (RUNE).
Being in the right altcoins, as the next phase of this bull market starts to take shape, is all-important. Holding lots of altcoins is arguably not the best way to place those bets, given that there is a lost opportunity cost of backing losers and those that are performing weakly.
Therefore, much thought needs to be put into the selection of altcoins that might make the best gains. This said, copying traders or getting sucked into the hype from influencers might not be the path to follow. Getting plenty of expert opinions and then making your own select choices based on these could be a more rewarding strategy.
Three top altcoins with the fundamentals and use cases to thrive and last into the next bull market are $SOL, $INJ, and $RUNE. Also, based on technical analysis, these three are among the first of the altcoins out of the starting blocks.
$SOL has all-time high in its sights
$SOL is the pretender to the $ETH throne. $ETH has a far bigger market capitalization, and is the first mover by a number of years. However, $SOL has outperformed $ETH to the tune of more than 700% over the last year, and is currently looking to break the high in its favour for this pairing.
Source: Coingecko/TradingView
Looking at the weekly chart for $SOL, it can be seen that the strong uptrend is intact, and even the recent correction did not see a candle body close below the trend line. Strong resistance is at $202, and a break of this might see $SOL make an assault on its all-time high of $260 set way back in November 2021.
$INJ coming back from big correction
Source: Coingecko/TradingView
Over a period of ten weeks, Injective Protocol (INJ) suffered a big correction of 65% in the latest general crypto market correction. This has resulted in the price needing to battle back through several resistances, in order to to start getting back to its all-time high. That said, it looks like the bottom has been found, and the price is curling back up again. Monday morning finds $INJ up more than 5% on the day, and it might be expected that $INJ continues this positive price action.
$RUNE about to break resistance
Source: Coingecko/TradingView
$RUNE is fresh into its fourth weekly green candle. This progress has led to the price coming up to test the resistance at $6.90, which is also very close to the 0.382 fibonacci level at $7.00. A break of these two barriers would open the way to the 0.618 at $8.74, and the 0.786 at $9.95. For more inspirational targets, the 1.618 fibonacci is at $15.91, and the all-time high is at $21.26.
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.
