2024-4-6 14:30 |
Two top crypto assets, Solana (SOL) and Injective (INJ), have captured the attention of analysts and investors. Rekt Capital, a top analyst, has shared insightful analyses of these crypto assets via his newsletter. SOL, currently trading at $178.23, has seen a 3.45% upswing in the last 24 hours, while INJ, priced at $34.73, has experienced a 10.92% surge during the same period.
Solana’s Bull Flag PotentialAccording to Rekt Capital, Solana has successfully retested the crucial $173 support level in weeks to come. However, the upside potential has been limited thus far. Significantly, SOL has shown signs of forming a Bull Flag pattern within the $174-$208 range. For this bullish pattern to remain intact, Solana must Weekly Close within this range.
Consequently, the most crucial factor is whether SOL can hold the $173 Range Low or bounce back into the Bull Flag before the new Weekly Close.
Injective’s Resilience Amid Bearish DivergenceInjective, on the other hand, has been grappling with a potential Bearish Divergence at its recent highs. Currently, INJ is testing the orange Range Low support, with its Relative Strength Index (RSI) continuing a downward spiral. Injective must hold this support level, and if a fake-out occurs, price should quickly reclaim the Range Low.
A key technical aspect to monitor is the RSI’s proximity to the green area, which represents the mid-point of the indicator. INJ has maintained itself above this mid-point since its Bear Market Bottom in late 2022. Moreover, it is highly unlikely that the RSI will lose this green area, leading analysts to expect a successful retest.
The Looming QuestionHowever, a pressing question arises: Will the RSI reach this area and successfully retest it as support while INJ maintains the Range Low support? Alternatively, will this RSI retest occur during an INJ fake breakdown?
As the crypto market shifts, investors and traders will closely monitor the developments surrounding Solana and Injective. The interplay between technical indicators and price action will shape the narratives of these assets in the coming days.
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The post Solana (SOL) Treads Cautiously as Injective (INJ) Shows Resilience appeared first on CaptainAltcoin.
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