As Bitcoin breaks higher and the altcoins start to follow suit, this next stage of the bull market could be frenetic. Both Solana (SOL) and Render (RENDER) are likely to be among the fastest horses.
$SOL top-performing layer 1
Solana (SOL) really is the top-performing layer 1 for this bull market. When the whole market went into its sideways and downwards correction after Bitcoin made its all-time high, $SOL has been among the first to break the down trend, and is now heading back to the $210 high, made in mid-March.
$SOL follows upward-sloping channel
Source: TradingView
In the shorter 4-hour time frame, it can be seen that $SOL is following an upward-sloping channel, which it looks to have been rejected from the top of. $188 could be a level the price will now go down to meet, or further down to $180, or possibly to $175. The price has already confirmed the top of the triangle breakout, so going back this far is more unlikely.
$202 next major resistance
Source: TradingView
Zooming out onto the weekly time frame, it can be seen that $SOL has retested the top of the triangle breakout. The next major resistance is at $202, and if this hurdle can be surmounted, the all-time high at $260 awaits above.
$RENDER nears trend reversal
Source: TradingView
When it comes to performance over the last few months, $RENDER has really borne no comparison to $SOL. Where $RENDER is still struggling to break its down trend, $SOL has been up and running for a while.
That said, given the $RNDR past price history, it might be expected that $RENDER starts to surge higher once it can confirm above $6.60, and then break the downward trend line.
Upward targets are $7.64 and $9.32, while confirming above $11.65 would be the base for an assault on the $13.63 all-time high and beyond.
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.
