Crypto is rising and investors are just beginning to see the possibilities. A big surge could be on the way with the crypto market potentially establishing a bottom and now swinging back up. Ethereum (ETH), Binance Coin (BNB), and Sonic (SONIC) are layer 1s with breakouts in their sights.
$ETH about to embark on its next big swing high
Source: TradingView
The $ETH price has been under duress for what seems like a very long time now. As Bitcoin (BTC) has stolen the show, breaking out strongly, and perhaps now heading back to its highs, the $ETH price has generally slumbered.
However, things could be about to change. Ethereum is still the number two cryptocurrency by market capitalization - only second to Bitcoin. The $ETH price looks to have found a bottom, and could be about to break through a descending trendline that has followed the price down since mid-December 2024.
This potential swing up from the bottom is supported by the Stochastic RSI in the weekly time frame, which is just about to signal strong upside price momentum.
Once $ETH breaks out, and the bulls are able to push the price above the next two major resistances, the rally has to target the last swing high at $4,100. If it fails to get there, it would be a failed rally, while confirming above would give the bulls a shot at the all-time high.
$BNB breakout taking place now
Source: TradingView
Looking at the weekly chart for $BNB it can be seen that the breakout is taking place right now. The bulls broke through the descending trendline last week, and the price came back to confirm the breakout (plus major support) this week. As long as it stays above by the end of play on Sunday, all will be ready for lift-off.
The $BNB price has now spent more than a year in this generally sideways price action, and so a breakout here could be a very strong one indeed. The next major resistance is at $674, and if the price is able to break through this and confirm above, this could become the platform for the rest of this bull market.
$SONIC building price structure base
Source: TradingView
The $SONIC price has been meandering sideways since February, laying down the foundational price structure for the next big surge to $0.50. It looks as though $0.26 is becoming a good support level, so it just remains for the price to rise above the $0.28 resistance and head once more up to $0.34.
If the price can take hold above this, it would then be based on top of that aforementioned base price structure, and then $0.50, and even $0.79 could follow.
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.
