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Bitcoin Breakout Boosts Leading Layer 1 Altcoins
As Bitcoin continues to break out, several prominent layer 1 altcoins are also experiencing upward momentum. Solana (SOL), Kaspa (KAS), and Sonic (SONIC) are among the frontrunners in this bullish trend.
Solana (SOL) Faces Resistance Despite Rally
Source: TradingView
After finding support at the $145 horizontal level, the price of $SOL is poised to continue its upward trajectory. While the Bitcoin chart may appear simpler and more bullish, $SOL bulls need to overcome the descending trendline and the resistance levels at $170 and $180 to establish a strong position in this bull market.
Kaspa (KAS) Aims to Reenter 2-Year Range
Source: TradingView
The price of $KAS is on the verge of reentering the range it has been trading within since mid-November 2023. While this is positive news for the bulls, it also highlights that the price has only recently returned to a level it surpassed towards the end of 2023. With the bull market potentially concluding by the end of this year, $KAS bulls need to act swiftly.
If $KAS successfully reenters the range, it could potentially rise to the top at $0.19, not far from its all-time high of just under $0.21. Breaking above $0.106 would be a crucial first step towards achieving this goal.
Sonic (SONIC) Faces Clear Skies Above Resistance
Source: TradingView
$SONIC has demonstrated strong performance on Thursday, with an 18% increase earlier in the day that briefly touched and confirmed the major resistance at $0.345. Although the price has slightly decreased and settled above the $0.317 horizontal level, there is potential for another attempt at breaking the major resistance.
What makes the $SONIC price intriguing is that if the bulls manage to surpass this significant resistance, there are minimal obstacles preventing it from reaching $1.17 and ultimately the all-time high at $1.30. Traders should closely monitor this cryptocurrency.
Disclaimer: This article is provided for informational purposes only and does not constitute legal, tax, investment, financial, or other advice.
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