Friday is witnessing a surge in the crypto market. Bitcoin is around 4% up so far, and some of the leading altcoins are really outperforming. $SOL, $KAS, and $SONIC are among the leaders.
$SOL nudges through descending trendline
Source: TradingView
The $SOL price can be seen to just be nudging its way through the descending trendline that goes all the way back to the $294 all-time high in mid-January of this year. The last-ditch support at $94 was retested by a candle wick, and how the price is settling above the $112 horizontal support. If the bulls can maintain this surge and force the price through the trendline, the very tough $122 resistance is only just overhead.
$SOL close to a definitive breakout
Source: TradingView
Zooming out into the weekly timeframe, it can be noted just how close to a definitive breakout, and a change in trend, that the $SOL price is. The Stochastic RSI at the bottom of the chart has the blue indicator line crossed above the orange, so once these rise up, upside price momentum will not be far off.
$KAS breaks out
Source: TradingView
The $KAS price has broken through the descending trendline. Also, it is not that far from making a higher high at $0.083. If it does so, the path is clear to the major resistance step at $0.10.
$KAS forming a W bottoming pattern
Source: TradingView
As is the case for $BTC, the $KAS price is forming a W bottoming pattern. If this pattern plays out for Bitcoin, it might be imagined that it would also occur for $KAS.
Two potential W patterns for $SONIC
Source: TradingView
The $SONIC price has been up as much as 23% so far on Friday, although it has dipped back down to around 15% currently. Looking at the daily chart above, it can be seen that there is a W pattern forming on a horizontal as well as an angled plane. If the $SONIC bulls can push the price up above $0.35, and then $0.43, there is not much resistance until $0.70.
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.
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