Altcoins Beyond the Top 50 Surging: $SONIC, $BONK, $INJ Lead the Rally

With Bitcoin potentially poised to rise higher, many of the altcoins are turning a corner and are also starting to rally. Outside of the top 50 cryptocurrencies by market capitalization, $SONIC, $BONK, and $INJ are among the top movers on Monday.

$SONIC primed to surge higher

Source: TradingView

$SONIC (formerly FTM) looks to have found a bottom, and the price action is now congregating below the $0.26 horizontal resistance level. If this resistance can be overcome, the measured move of a W pattern would take the price up to $0.29, and from here a higher high could be made above $0.298. 

Going forward, the most important level to break is the next local high at $0.37. There is very thin resistance after this level, and the price could surge from there.

$BONK runs into major resistance

Source: TradingView

Up more than 11% on the day so far, $BONK has outstripped the memecoins, and is doing the same against most altcoins. However, the price has now entered some strong resistance territory and a rejection could be forthcoming. Not only do the bulls need to get above the horizontal resistance at $0.000021, but also the rising trendline.

If these first barriers are surpassed, the next major horizontal resistance is at $0.000025. Achieving the swing high at $0.000040 would mean that the $BONK bull market would be very much a going concern again.

$INJ still to make a higher high

Source: TradingView

Up more than 5% on the day so far, $INJ has pushed through the descending trendline, but bulls are still looking to make the first higher high. All being well, this could take place later today. 

Targets for the potential upside for $INJ are in the chart above in the form of the Fibonacci levels. If all of these levels can be surpassed, the swing high is the ultimate target at $35.20. A major reversal taking place before this level could be reached would mean a failed rally, and a possible descent into a bear market.

The stakes are high for $INJ, SONIC, and $BONK. Full advantage of this current rally must be taken. Otherwise, not all of these altcoins may emerge from the next bear market. Extreme caution should be employed by all holders.

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.