Famous analyst Rekt Capital is making important evaluations for an altcoin that is in the basket of Turks today. Accordingly, the analyst shares his updates for Solana.
Altcoin Solana update
Altcoin Solana rose 27% from the low range to the high range. Early last week, the analyst highlighted how similar this range was to Chainlink’s. Because both ranges are rooted. It has also been providing consistent range trading opportunities over the last few months. According to the analyst, this time was no different for both SOL and LINK. But there is something else worth mentioning about LEFT and LINK. Accordingly, another quality they both share. Despite their impressive rally, they are still in their own range.
For altcoin Solana, the price needs to move beyond the current resistance at $23.89 and reclaim as support. For now, this level continues to act as resistance. It is also necessary to be aware of the fact that fake exits tend to occur. Accordingly, this situation is clearly seen in the weekly time frame.
There will be significant breaks
Breaks may occur beyond the Intermittent High resistance. But what often fails is the post-breakout Intermittent High retesting to new support. Failed retests for Altcoin Solana are occurring before a downward move towards the current Macro Range.
When a successful Weekly retest of the Range High finally occurs, it is likely to result in a range breakout. So the analyst suspects there will be a major technical milestone from there that contributes to a new uptrend. So, until the Range High is reclaimed as support, it will always be useful to look at potential downside scenarios.
Will new levels come?
According to the analyst, there is a bearish scenario for altcoin Solana. Accordingly, altcoin Solana has formed High Lows throughout 2023. Additionally, the last low in the series occurred before this 27% move. A rejection from resistance here will signal that price is moving lower within the range but towards the High Low.
It is a fact that there are significant declines in the bear market for Altcoin Solana. The price dropped from $250 to $10. Now everyone is acting in an accumulation mode. Therefore, the next levels of the cryptocurrency will attract attention. When we look at it as Kriptokoin.com, Solana is a candidate to be the shining star of the coming days with its strong blockchain infrastructure.
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