Solana (SOL) and Injective Protocol (INJ) Poised for a Breakout in the Next Bull Market Cycle

Solana (SOL) and Injective Protocol (INJ) Poised for a Breakout in the Next Bull Market Cycle

Solana Is Fastest Layer 1 Horse

As Bitcoin readies itself for an attempt on its all-time high, a breakout into price discovery, and the next possibly parabolic stage of the bull market, Solana ($SOL) and Injective Protocol ($INJ) are two of the premier altcoins preparing to follow.

Is Solana the fastest layer 1 horse in the race? Some might say that this is Ethereum, given the approval of the Spot Ethereum ETFs, and the fact that these will be available to trade some time in the next few weeks.

  • When comparing the SOL/ETH chart, the uptrend does belong to $SOL and a 544% gain over the $ETH price since June of last year says a lot for which of the two is doing the best.
  • Against the US dollar, $SOL is performing even more spectacularly, with a 705% gain since October last year. The trend line is at a nice 45-degree angle, and the price continues to respect it. The deep correction of 44% after the high of $210 should be noted. This was a very healthy reversal and now it looks like the $SOL price has a great base to build upon.
  • Zooming in it can be seen that the $SOL price is in a triangle, and that this should break in the next week or two. Given that the price is in a big uptrend, the breakout is more likely to be to the upside.

$INJ Nearing Breakout

$INJ took a much bigger hit than $SOL, and this 65% reversal forced the price down from the high of $53 all the way down to $18. The price has built a nice base since that low in late March, and is testing the $29 resistance for the third time currently.

Zooming further in shows that the price could be forming an ascending triangle. If $INJ is rejected from here, the price could come back down to the trend line and bounce again. The chances are more likely of a break up given that this is a bullish chart pattern.