Altcoin Market Update #140

Hello and welcome back to the Rekt Capital Newsletter

In today’s edition, the following cryptocurrencies will be analysed & discussed:

• Ethereum (ETH)
• Solana (SOL)
• SPX6900 (SPX)
• Monero (XMR)
• XRP (XRP)
• Pudgy Penguins (PENGU)

But before we dive in, this Friday I’ll chart your Altcoin picks in an exclusive subscriber-only TA newsletter and will cover as many as I can

So if you’d like to have an Altcoin charted, feel free to share max. two TA requests each in the comments below.

I’ll chart the Altcoins that get mentioned and ‘Liked’ the most

Click the button below to leave a comment with your TA request!

Let's dive in to today's Altcoin Market Update.

Ethereum - ETH/USD

Ethereum is currently navigating a critical decision point relative to the green region (green horizontal zone),  a level that has historically acted as both support and resistance at key Macro turning points.

This area was lost as support in mid-2022 and again in early 2025, and on both occasions the loss preceded meaningful downside. 

The question now is whether price can reclaim it.

How Ethereum Monthly Closes relative to this green zone will be pivotal. 

A Monthly Close above the top of the green zone, followed by a successful retest of it as support, could open up an extended relief rally toward the red zone above.

But if price fails to achieve that Monthly Close above the green zone, then this region continues to act as resistance, much like early 2025, where the previous Monthly Candle treated it as a ceiling rather than a floor.

In that scenario, continued rejection could push Ethereum back down toward the multi-year Macro uptrend trendline, which has so far provided a longer-term structural floor.

So all eyes remain on how price Monthly Closes relative to the green zone. 

Reclaim and retest it as support, and the path toward the red zone opens up.

Fail to do so, and the trendline below remains the next line of defence.

Solana – SOL/USDT

Solana is attempting to follow in Bitcoin's footsteps by developing a Double Bottom formation on the Weekly timeframe.

Completing the second portion of this structure and achieving a Weekly Close above the top of the Double Bottom — around the $90 area — would be the first trigger. 

A Post-Breakout Retest of that level as new support would then set up a challenge of the $99.06 (blue horizontal) to $123.28 (black horizontal, Range High resistance) supply area above.

However, Bear Market price history suggests this region is likely to act as a multi-month zone of supply, having previously served as a major area of multi-month support. 

So while the Double Bottom could enable short- to mid-term relief, the expectation is that price will encounter meaningful resistance anywhere within that general area.

It is also worth noting that if Solana mirrors Bitcoin's Double Bottom behaviour, a Weekly Close above the formation top may be sufficient.

A full retest may not be required, though that remains to be seen.

Stepping back to the Monthly timeframe, the broader picture is more sobering. 

For a year and a half, Solana held $123.28 as support, with downside wicks dipping into the $99.06 liquidity pool across that extended period, a pattern highly reminiscent of 2022.

Now, that entire region from $99.06 to $123.28 has been lost as support. 

And much like 2022, this former demand area could gradually transition into a new zone of resistance, paving the way for additional Macro downside over time.