Altcoin Newsletter #204
Features SOL FET LINK NEAR PEPE APT
Welcome to the Rekt Capital Newsletter, a resource for investors who want to better navigate the crypto markets with the help of cutting-edge crypto research and unbiased market analysis.
In today’s Altcoin newsletter I cover the following Altcoins - specifically:
- Solana (SOL)
- Artificial Superintelligence Alliance (FET)
- Chainlink (LINK)
- Near Protocol (NEAR)
- Pepe (PEPE)
- Aptos (APT)
These Altcoin TA requests are made by valued readers of the Rekt Capital Premium Newsletter.
Let’s dive in...
Solana - SOL/USD
At this point, it is no secret that Solana was one of my Altcoin Picks for a 10x shared in the Hall of Fame.
And 10x was my minimum target as Solana is still early on in its cycle, having an ability to rally even more going into Price Discovery.
Nonetheless, SOL has rallied over +1200% in total since first shared in the Hall of Fame.
Macro-wise, I expect Price Discovery for SOL.
In the short-term however, it's worth understanding what sort of opportunities lay ahead for SOL.
This month, SOL broke its first major Monthly resistance of $208 (red) and technically, price never really turned it into support on the Monthly.
As is the case in Parabolic Phases of the cycle, these sort of retests don't have to happen, but such a pullback into that level would probably be one of the last bargain opportunities before SOL enters Price Discovery, if at all possible.
On the Weekly, SOL rejected from the final major Weekly resistance at $250, failing to retest it as support after a promising Weekly Close above it.
That's still the level to be reclaimed for SOL if it wants to continue its rally into Price Discovery.
But until $250 is flipped into support, technically SOL will continue to maintain its current macro range of $208-$250 until further notice and a major trend shift is confirmed.
Could SOL drop into the Range Low before Price Discovery?
If we're lucky.
Artificial Superintelligence Alliance - FET/USDT
In the most recent update on FET from a week or so ago, we spoke about its consolidation within the blue macro pattern:
Since then, FET has broken out:
FET Weekly Closed above the top of the pattern last week and now this week price is dipping into the top of the pattern to retest it into new support.
Successful retest here would confirm a full breakout which would see FET revisit the $1.77 Range High resistance for a breakout challenge.
Successful retest is needed and once successful, there's a good chance FET could break that red resistance above - but it would need a Weekly Close above it to confirm the break.