Altcoin Newsletter #209

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)
• Polkadot (DOT)
• Chainlink (LINK)
• Arweave (AR)
• dogwifhat (WIF)
• FLOKI (FLOKI)

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

Let’s dive in...

Solana - SOL/USD

After rejecting from ~$250 resistance, Solana pulled back right into the Golden Fibonacci Pocket around ~$170 to evidence post-breakout retesting intent of the overall triangular re-accumulation structure (blue).

Granted, that triangle top was not retested in picture-perfect manner, but the fact that the Golden Fib Pocket was in and around that area demonstrated confluence in a potential support developing there.

This Fib idea was first shared in a Hall of Fame Elite Weekly Group Call back in mid-December:

Now that the retrace has occurred, SOL now has the goal of reclaiming the Range Low of ~$208 of its ReAccumulation Range:

That is, SOL needs to Monthly Close above the $208 or at the very least turn said level into new support on lower timeframes to reclaim the ReAccumulation Range and challenge the Range High once again over time.

After a brief downside deviation below the Range, it looks like SOL wants to reclaim it, resynchronise with its intra-range consolidation, and over time challenge from a breakout from that ranging environment to new All Time Highs and additional Price Discovery.

Polkadot - DOT/USDT

The goal for DOT is to reclaim the $8.60 black level as support.

After all, historically doing so successfully (green circle) has preceded fantastic upside.

But DOT has failed to reclaim this level already twice in this cycle.

That said however, the positive about this most recent failure is that price didn't retrace too significantly following the failed retest.

In fact, DOT only dropped into the red boxed area which is figuring as support and continued stability here would enable DOT to challenge the $8.60 black level once again.

Thus, it appears the $8.60 black level is weakening as a point of rejection which increases the chances of it becoming reclaimed as support in the future, which would surely benefit DOT's emerging uptrend going forward.

Break and reclaim $8.60 finally and DOT would be able to revisit the $12 red resistance over time for what would be another important trend decision - but that's a story for another day.