As Bitcoin (BTC) prepares to break out of its bull flag, the altcoins are jockeying for position, ready to make their own breakouts. $SUI, $NEAR, and $S are among those who have the potential to lead the field.
$SUI breakout imminent
Source: TradingView
$SUI has arguably been the top layer 1 play for this bull run. A massive 1,065% run up in the last quarter of 2024 really put this network on the map as a strong competitor to Ethereum (ETH) and Solana (SOL). However, after such a hot streak, a decent downside period was definitely needed.
As can be seen in the chart above, the price has been falling inside of a descending channel for a period of a few weeks, and is now looking like it might break out, if of course it can also get above the $2.78 horizontal resistance level.
$SUI heading back to $4.30?
Source: TradingView
Zooming out into the weekly time frame it looks as though $SUI is breaking out already, and that it is just coming back to confirm the breakout, plus $2.78 as potential new support.
With a higher low checked off by the bulls, it now remains to be seen whether this next surge can take out the swing high at $4.30. If the Stochastic RSI indicator lines can tick back up, this could provide the upside price momentum that is required.
$NEAR bottoming pattern playing out
Source: TradingView
The $NEAR price is sporting a bottoming pattern. A double-bottom has been made, and now it just remains for the price to break out beyond the descending trendline and the $2.28 resistance.
That said, the size of the task awaiting the $NEAR bulls is akin to scaling Everest. Just getting back to the last big local swing high would be a 4x from here, while the all-time high is around an 8x away.
Going into a potential final stage of the bull market this much in arrears does not bode well for any cryptocurrency. $NEAR will need to rise, and rise quickly, if it is to remain a going concern beyond this bull market cycle.
$S breaks above descending trendline
Source: TradingView
Having rebranded to Sonic (S) from Fantom (FTM) relatively recently, there isn’t a great deal of previous price action to go on for $S. That said, what there is looks very promising. The breakout of the descending trendline is a good start, with the resistance at $0.33 the next target. At least for the shorter term time frames this could be an interesting play.
