Altcoins

Solana (SOL) and Injective Protocol (INJ) approach breakouts

Solana (SOL) and Injective Protocol (INJ) approach breakouts

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Despite the strong downward selling pressure on Bitcoin (BTC) which is currently taking place, there are a few altcoins that have been moving up over the last few days. Both $SOL and $INJ are two of the more fundamentally sound altcoins that are approaching breakouts. Will these breakouts occur, and what are the upside targets?

$SOL breakout or rejection?

Source: TradingView

$SOL has been rising steadily over the last 5 days to record a 17% gain from the bottom of $121. The price is up against some tough resistance at $142, which also converges with a short term downward trend line (dashed line). If the price can get above here, the breakout of the triangle could potentially be the next move - $BTC allowing.

Source: TradingView

The weekly time frame for $SOL shows that the price is currently taking hold above the 0.382 fibonacci. The fact that the price has not fallen down to the 0.618 fibonacci is a very bullish sign, and should the bounce continue from here and break through the resistance at $142, bullish continuance for $SOL would be likely. 

Upside targets if the breakout happens are $164 (0.618 fibonacci), and $206 (0.786 fibonacci). Beyond this are resistance at $250 and then the all-time high at $260.

$INJ building beautiful price structure

Source: TradingView

The $INJ price looks to be ripe for breakout. Strong price structure has been built at the $118 level, and a short term downward trend line could be about to be broken to the upside. Should the breakout occur, there is some resistance at $23 and $30, before the main resistance at $31.

Breaking this would give $INJ access to the next step up and allow the price to form a base at $31. The top of the range would then be the next target at $45, with the all-time high at $53 after that. This is all excellent price structure, so should $INJ manage to eventually take hold above $45, the platform for much higher prices during the rest of the bull market will have been built.

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. 

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