Altcoin Market Update

Hello and welcome back to the Rekt Capital Newsletter.

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

• Solana (SOL)
• Dogecoin (DOGE)
• Injective (INJ)
• Stacks (STX)
• Sui (SUI)

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.

Solana - SOL/USDT

This past Friday, we spoke about how a drop into $158 was likely given SOL's rejection from resistance:

Here's today's update:

$159 is exactly where SOL rebounded from, rallying towards the confluent resistance that is the red box and blue diagonal and even breaking beyond them.

Last week's rejection and this week's strong reaction just demonstrates how the blue diagonal has weakened as a point of rejection.

As a result, it is likely that SOL will be able to Weekly Close above this confluent area of resistance and would need to dip into it to turn it into new support so as to position itself for a move to the $202 level above.

Dogecoin - DOGE/USDT

In last week's Friday Altcoin Newsletter, we spoke about how DOGE was preparing itself for a retest of the May/June highs:

Back then, the May/June highs acted as resistance whereas DOGE was finding support there earlier this month.

DOGE has since successfully retested that level as new support to launch into a +30% uptrend:

More, DOGE has completely followed the orange path, revisiting the black $0.20 highs.

A rejection from this resistance is normal but it won't be anything as deep as the rejection from these black highs earlier this year.

In fact, the prevailing premise here is to watch out for a weakening of the black $0.20 level as resistance.

A rejection from here is normal but the retrace that ensues is most likely going to be much shallower compared to the rejection from earlier this year.

Generally, going forward DOGE is going to maintain itself between the blue $0.16 level and the $0.20 black resistance for the time being, unless DOGE Monthly Closes above black to set price up for a retest of black into new support to confirm further upside.