Altcoin Newsletter #170


In today’s Altcoin newsletter I cover the following Altcoins - specifically:

  • Solana (SOL)
  • Injective (INJ)
  • Hedera Hashgraph (HBAR)
  • Filecoin (FIL)
  • VeChain (VET)
  • Arbitrum (ARB)
  • Gala Games (GALA)

These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.

Let’s dive in...

Solana - SOL/USD

Over the past few weeks, we spoke about Solana's retest of the ~$173 (blue) as support:

Since then, the retest was successful however with limited upside involved:

And in fact, SOL showed signs of forming a Bull Flag here, within the blue-red range of $174-$208.

But for this Bull Flag to remain intact, SOL needs to Weekly Close inside it.

So while SOL is retesting this Range Low of $173 for the second time in three weeks, the most important thing would be for SOL to either hold this Range Low or enable a bounce back into the Bull Flag, all before the new Weekly Close.

In the event that SOL Weekly Closes below the Bull Flag but above the Range Low, then that just means that the Bull Flag isn't valid but price will continue to maintain its macro range (blue-red), which would probably involve further consolidation in a sinusoidal manner.

Weekly Close inside the Bull Flag however would be more bullish, as it would signal that price is more ready for continuation rather than extended consolidation here.

Injective - INJ/USDT

Over the past few weeks, we spoke about INJ's potential Bearish Divergence developing at these highs:

Here's today's update:

INJ is right at the orange Range Low support, with the RSI still spiralling in a continued downtrend.

INJ will need to hold this support and if there is a fake-out, price would need to quickly reclaim this Range Low.

One key technical aspect to watch in the coming days will be the RSI and how it is getting closer to the green area.

This green area is the mid-point of the RSI and INJ has maintained itself above this mid-point since pretty much its Bear Market Bottom in late 2022.

It's highly unlikely that the RSI will lose this green area so I'm expecting the retest of it to be successful - but it does raise the question when would the RSI reach this area?

Would the RSI reach this area and successfully retest it as support meanwhile price continues to maintain the Range Low as support?

Or will this RSI retest take place while INJ fakes a breakdown?

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