Altcoin Market Update
Features analysis on Altcoins such as OP SOL VANRY TRU BONK
Hello and welcome back to the Rekt Capital Newsletter.
In today’s edition, the following cryptocurrencies will be analysed & discussed:
- Solana (SOL)
- Optimism (OP)
- Vanar Chain (VANRY)
- TrueFi (TRU)
- Bonk (BONK)
Solana - SOL/USDT
Solana is positioning itself really well for a bullish Monthly Close.
After all, the black level of $165 denotes a May and June resistance which has been broken this month.
With the Monthly Close just around the corner, SOL has a very real chance of Monthly Closing above the old black resistance in an effort to potentially reclaim it as support in the future.
Following a Monthly Close above the black level, any dip that gets SOL closer to the $165 would be considered a retest attempt.
And if the retest of that level is to become a little bit more volatile to the downside, whereby price would deviate below the $165 level briefly, then the path could even look like this, with a dip as low as even to the $140s:
Of course, this retest doesn't need to happen however textbook TA suggests that whenever an old resistance is broken, it is often reclaimed into new support afterwards in an effort to ensure trend continuation to the upside later.
So will the retest occur in August?
And if so, how volatile will it be?