- Solana (SOL), Radicle (RAD) and Injective (INJ) may breakout towards the upside soon.
- SOL and INJ rebounded off of key support levels throughout the past 2 weeks.
- Meanwhile, RAD may be attempting to escape a 2-week long consolidation phase.
Solana (SOL), Injective (INJ) and Radicle (RAD) may soon see their prices enter into a strong move towards the upside. Over the past 2 weeks, INJ and SOL were able to rebound from key support levels. Meanwhile, RAD may soon escape a consolidation channel that it had been trading in throughout the past 2 weeks.
SOL rebounded off a long-term positive trend line on its chart over the past 2 weeks. Subsequently, the altcoin’s price was attempting to overcome a major resistance level at press time.
On 12 September 2023, SOL’s price rebounded off of a positive trend line that had been established on its daily chart since June of this year. Since then, the cryptocurrency’s price was able to overcome the $19.35 barrier – flipping the level into support as well. This gave SOL the foundation needed to attempt a challenge at the $22.20 resistance level at press time.
If SOL is able to close a daily candle above this barrier in the next few days, then it may continue to rise to the subsequent resistance level at $25.55 within the following 2 weeks. This bullish thesis could be invalidated if SOL fails to close a daily candle above $22.20 in the coming 3 days.
In this bearish scenario, SOL’s price may retrace to the recently-flipped mark at $19.35. Should it lose the support of this level, then it may continue to drop to the next significant price point at $17.15. There is, however, the aforementioned positive trend line that is standing in the way of SOL dropping to $17.15.
A noteworthy bullish technical flag recently triggered on INJ’s daily chart. This specific bullish technical flag, if validated, could lead to INJ’s price overcoming a significant resistance level in the coming week.
At press time, the 20-day EMA line was attempting to cross above the 50-day EMA line. This is after INJ’s momentum over the last 20 days was more bullish than the volume the altcoin experienced throughout the previous 50 days.
Subsequently, these 2 technical indicators crossing may suggest that medium-term momentum has shifted in favor of buyers. Therefore, INJ’s price may rise within the following 2 weeks. Should this bullish scenario play out, the altcoin’s price could receive the bullish pressure needed to overcome the $8.165 resistance level.
Thereafter, the cryptocurrency’s price may have the foundation needed to continue to climb to the next significant benchmark at $9.975. On the other hand, INJ getting rejected by the $8.165 resistance level in the coming week may lead to the altcoin pulling back to as low as the 50-day EMA line at around $7.278.
A break below this technical indicator will then put the altcoin at risk of its value dropping to the immediate support level at $6.845 in the subsequent 48-72 hours.
RAD has been in an accumulation phase for the past 2 weeks. This consolidation period may be the build up before a strong breakout for the cryptocurrency’s price.
RAD was trading within the $1.220 and $1.520 range over the past 2 weeks. However, RAD may finally attempt to break out of this sideways channel. At press time, the cryptocurrency’s price was trading above the 9-day EMA line – a technical indicator that had acted as a resistance level for the altcoin.
Should RAD maintain a position above the 9-day EMA line for the next 3 days, then it may have the support needed to overcome the upper level of the current consolidation channel. Thereafter, RAD closing a daily candle above $1.520 may be seen as a bullish event by traders. Subsequently, its price may continue to rise to $1.960 in the following few days.
On the other hand, if RAD’s price drops back below the 9-day EMA line within the next 48 hours, then the bullish thesis may be invalidated. This could then result in the altcoin’s price seeking support from the $1.220 mark in the following couple of days.
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