Potential Cryptocurrency Breakouts: SOL, INJ, and RAD
Date: 2023-10-02 Author: Dima Zakharov Categories: CRYPTO PAYMENTS, BUSINESS
The cryptocurrency market is constantly in motion, and investors are always looking for profit opportunities. This week, we will examine three cryptocurrencies that may experience a price breakthrough: Solana (SOL), Injective (INJ), and Radicle (RAD). Let's take a closer look at each of them and try to understand why they are attracting the attention of traders and investors.
Solana (SOL): Beginning of a Bullish Movement
Solana (SOL) has shown interesting movements on the charts in the past two weeks. It has been able to bounce off key support levels and is heading towards the major resistance level at $22.20. It's worth noting that the price of SOL has also rebounded from a long-term positive trendline. If SOL closes the daily candle above $22.20, it could be accompanied by a rise to the next resistance level at $25.55.
However, it's important to remember that the cryptocurrency market is highly volatile, and scenarios can change. In the case of bearish developments, SOL may retrace to the $19.35 mark. The positive trendline established since June may help maintain the price above this level.
Injective (INJ): Bullish Technical Flag
On the Injective (INJ) chart, we see the formation of a bullish technical flag. This pattern could be a precursor to a price increase for INJ in the next two weeks. An important point is the crossing of the 20-day EMA and the 50-day EMA, which could indicate a shift in momentum in favor of buyers.
If the bullish scenario unfolds, the price of INJ could surpass the resistance level at $8.165 and move towards the $9.975 mark. However, in the event of a deviation from the $8.165 resistance level, we may observe a decline towards the 50-day EMA level at $7.278.
Radicle (RAD): Accumulation Phase
Radicle (RAD) has spent the last two weeks in an accumulation phase. This period of consolidation could be preparation for a strong price breakout. However, for this to happen, RAD must maintain its position above the 9-day EMA, which serves as a resistance level.
If RAD closes the daily candle above $1.520 in the next 3 days, it could be considered a bullish signal. In that case, the cryptocurrency's price may continue to rise, reaching $1.960. However, a deviation from this level could lead to a drop to $1.220, where support is expected.
