In today’s Altcoin newsletter, I cover 7 different Altcoins, specifically:
- Solana (SOL)
- The Graph (GRT)
- SushiSwap (SUSHI)
- Ocean Protocol (OCEAN)
- Verasity (VRA)
- TomoChain (TOMO)
- Synthetix Network Token (SNX)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Solana - SOL/USDT
In July, SOL broke beyond its blue diagonal (dotted) and rallied a decent amount to the upside, ultimately rejected at the old major demand area (purple) which looks to have turned into a new supply region.
Most importantly, SOL Monthly Close below the black ~$23.89 level on that move, effectively failed to break the 2023 yearly highs sustainably, even though new yearly highs were made.
In other word, the major 2023 resistance that was set earlier this year (black monthly resistance at $23.89) was not broken on the Monthly timeframe; July price action ended up as just a wick.
This black level is the most important level to see SOL rally back to the purple region but price is struggling to do so.
At the moment, SOL is forming a range here - orange Range Low support and the black 23.89 Range High resistance.
Range Low is holding as support and as long as it continues to, there is scope for intra-rangebound behaviour that could see SOL revisit the Range High resistance.
However, the next trend will emerge only once we see either the Range Low breakdown or the Range High breach sustainably, whereby price would reclaim the black level as new support to confirm the breakout.
It's worth noting however, that the longer this current range goes on for, the less likely it will be a range of re-accumulation.
The chances of this range acting as a distribution range increases the more price moves sideways as time goes on.
The Graph - GRT/USDT
Over the Summer of this year, GRT managed to somehow hold the red boxed region as support, at least displaying some stability there.
However, this August GRT Monthly Closed below this region.
It is lost support but will it flip into new resistance?
If GRT were to rebound to the red region above in the coming weeks and rejected there, then we'd have the answer that old support has turned into new resistance.
For the time being, GRT is finding support at the green $0.08 level; this is the same level that enabled upside to 2023 highs and now GRT has reverted back here.
But if the red region acts as resistance upon a rebound from here, then it's possible that this green level may fail to act as decent support.
In fact, a Monthly Close below the green level would enable a drop into the dashed black level and likely even below it; the dashed black level appears weak.
All in all, for the time being GRT is inside a range (green level acts as Range Low and the red boxed area as resistance) and price could display some sideways behaviour over the coming weeks.