Solana (SOL) Must Break Key Level This Week to Rally; Injective (INJ) Looks Ready for an Uptrend
- WBOYOriginal
- 2024-07-20 08:57:48723browse
Rekt Capital posted an analysis of Solana and Injective price action in the latest edition of his newsletter. He discussed what to expect next from SOL
Solana (SOL) must break a key level this week to rally, while Injective (INJ) looks poised for an uptrend, according to crypto analyst Rekt Capital.
Solana (SOL) Price Analysis
Solana price enjoyed a good rally in February. As covered, the crucial retest of the green level around $125 was crucial support to buy Solana in 2022. Solana was able to stabilize the price, and since then it has spiked by 33%.
Now the analyst is hoping that Solana closes above the red-boxed resistance at around $170 on the weekly chart. This will also enable trade in the green circle. If the price gets there and is rejected from there, it could set Solana up for another rejection.
SOL is range-bound between $122 (green) and $170 (red box), and once SOL is ready to break out of this range, this breakout will be confirmed via a weekly close above the red-boxed resistance.
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Injective (INJ) Price Analysis
INJ is enjoying a strong recovery after rebounding from the $18.00 (black) support. This has brought its price into a lower range of a triangular structure (light blue).
Going forward, INJ has a few options. If INJ Weekly closes above the light blue diagonal, then a retest of it could be next to confirm the breakout to the orange $30+ resistance.
However, if INJ instead forms an upside wick beyond this diagonal resistance and fails to Weekly Close above it, it could reject back into the base of the triangular market structure, following the black path instead.
An important positive is that the RSI has broken its green downtrend dating back to late 2023. This bodes well for INJ, as it is likely preparing for a new uptrend, especially if the RSI can break its red resistance box.
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