Table of Contents
- Solana is fastest layer 1 horse
- $INJ nearing breakout
As bitcoin readies itself for an attempt on its all-time high, a breakout into price discovery, and the next possibly parabolic stage of the bull market, Solana ($SOL) and Injective Protocol ($INJ) are two of the premier altcoins preparing to follow.
Solana is fastest layer 1 horse
Is Solana the fastest layer 1 horse in the race? Some might say that this is Ethereum , given the approval of the Spot Etherum ETFs, and the fact that these will be available to trade some time in the next few weeks.
However, 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.
Source: TradingView
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.
Source: TradingView
Zooming in it can be seen that the $SOL price is in 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
Source: TradingView
$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.
Source: TradingView
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.
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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