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)
- Bonk (BONK)
- Optimism (OP)
- TrueFi (TRU)
- Vanar Chain (VANRY)
Solana - SOL/USDT
Last week, we discussed potential downside paths for Solana:
Since then, the entire crypto market experienced a deep correction but here is today's update:
Solana followed the lower red path and then some, even downside wicking into the low $100s.
However, price has since recovered a lot of its downside and has reclaimed this blue over 2-month support, this month's August monthly candle behaving as if it had successfully retested the blue level of ~$145 in a volatile way.
This month's downside wick saw SOL dip all the way to the next major Monthly support at ~$120 (orange) which has been holding as support for almost 6-months now.
For the first three months, SOL held the orange monthly level as support via candle-bodied lows whereas for the most recent three months, SOL has been holding this same level but via downside wicking lows.
Over the past three months, it seems like the premium buying behaviour at the $120 orange level is much stronger than before and there is an evident aggression in this buy-side behaviour as evidenced by the downside wicks.
The premium buying behaviour is strong to the point where SOL has managed to perform its most recent Monthly Closes above a much higher monthly level of ~$145 (blue).
As long as SOL continues to hold blue ~$145 as support, it will be positioned for a move to the $165 level (blue resistance) in an effort to follow-through on the red path after all.
Turn the blue $145 level into resistance and SOL may need to drop back down into the orange ~$120 level again.
For the moment, ~$145 is holding successfully as support.