Solana (SOL) and Injective (INJ) first out of the blocks

Table of Contents

• $SOL breaks downtrend
• $SOL bounces from very strong support
• $INJ approaches breakout decision
• $INJ looks to flip resistance into support

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.

$INJ looks to flip resistance into support

Source: Coingecko/TradingView

On the weekly time frame, the wick down towards the very strong support at $18 should be noted. Resistance at $25 still needs to be flipped into support, but with the stochastic RSI on this weekly time frame at the bottom, a turn up should signal strong momentum that can boost the price back up towards the highs once more.

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.