As bitcoin merrily crashes through its biggest resistance, some altcoins are doing even better. Here are two of the leaders of the pack.
Bitcoin shows the way
Early on Tuesday, bitcoin crashed through the major resistance at $32,000. This gives the king of the cryptocurrencies a chance at breaking the current resistance at around $34,300 and the possibility to climb to $40,000.
However, even though this crypto rally has certainly been led by bitcoin, there are a few altcoins that are surfing the bitcoin surge in order to make even better gains than the big daddy itself.
Injective heads for all-time high
Injective ($INJ) has been on an absolute tear. This decentralised and super-fast layer 1 blockchain, built for finance and for Web3 modules is reforging the broken traditional financial system.
This use case obviously appeals to the savvier investors, and the price has rocketed accordingly more than 30% over only the last two days, to reach $11.94.
A bounce off of a trendline that $INJ has been respecting since the beginning of the year happened in early September, at $6.30, and the price steadily ranged higher until the parabolic phase began a couple of weeks ago at $7.17.
At time of going to press $INJ is still climbing higher, and is currently deciding whether to break resistance at $12. The all-time-high of $15.73 awaits.
Solana breaks out
Solana is the great hope of the layer 1s for perhaps providing an incredibly speedy alternative to ethereum.
Looking at how certain cryptocurrencies have been beaten down since the top of the last crypto bull cycle, Solana has to be one of those that suffered the most. A no less than 97% retrace left $SOL in the most dire position.
However, having fallen from around $260 to an absolute nadir of less than $8, $SOL is on the up again, having surged 46% since the beginning of last week.
A recent break out of a triangle formation that started back at the end of October last year, has made a great start to the week. $39 and then $44 are resistances ahead, but if these are surmounted then there are no real obstacles until $75 and $78.
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.
