Altcoin Newsletter #185
Features SOL INJ MTRM TON WIF SUSHI
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Solana (SOL)
- Injective (INJ)
- Materium (MTRM)
- Toncoin (TON)
- Dogwithhat (WIF)
- SushiSwap (SUSHI)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Solana - SOL/USD
Late last month in the Hall of Fame Pro, we discussed Solana's crucial retest of the green level, which has acted as a fantastic source of historical buy-side pressure in the past:
Solana was able to enjoy price stability at the green support and has rallied +33% to the upside since then:
The key for Solana going forward is for price to Weekly Close above the red boxed resistance to continue it move to the upside (green circle).
An upside wick beyond there and a Weekly Close below would set price up for another rejection from there (red circle).
Ultimately, SOL is consolidating from $122 (green) to $170 (red box) and once SOL is ready to breakout from this range, this breakout will be confirmed via a Weekly Close above the red boxed resistance.
Injective - INJ/USDT
INJ is enjoying a strong recovery after rebounding from the $18.00 (black) support.
The recovery has seen price even reclaim the previous triangular structure (light blue).
Going forward, INJ has a few options:
If INJ Weekly Closes above the light blue diagonal, then a retest of it could be next to confirm the breakout to the orange $30+ resistance.
However, if INJ instead upside wicks beyond this diagonal resistance and fails to Weekly Close above it, it could reject back into the base of the triangular market structure, following the black path instead.
An important positive is that the RSI has broken its green Downtrend dating to late 2023; this means that INJ is probably ready for a new uptrend, especially when the RSI breaks its red resistance box.