In today’s Altcoin newsletter I cover 6 different Altcoins, specifically:
- Solana (SOL)
- Bitcoin Cash (BCH)
- Fetch ai (FET)
- Chainlink (LINK)
- Ocean Protocol (OCEAN)
- Band Protocol (BAND)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter
Let’s dive in...
Solana - SOL/USD
In recent weeks, we’ve been discussing how Solana was inside a macro range for several months and how it was set to rebound from the Range Low support to revisit the Range High resistance.
Solana did just that, rallying almost +30% in the process.
However, historically it has been a challenge for SOL to break beyond this Range High resistance, often upside wicking beyond it on the Monthly.
A big part of a failed breakout on the Monthly is the Weekly retest of this Range High as support.
SOL hasn’t been able to reclaim this level as a new support following the breakout to fully confirm the breakout.
As a result, should SOL dip from current levels into the Range High resistance, that would be a pivotal retest attempt that price needs to conduct successfully if it is to confirm a breakout from this range and in turn position itself for a favourable Monthly Close.