In the latest Rekt Capital newsletter, the crypto analyst provided insights on the performance of Solana (SOL) against USDT. The analyst noted that a drop to $158 was anticipated due to SOL’s rejection from resistance.
This update notes that SOL rebounded exactly at $159, rallying towards the confluent resistance marked by a red box and blue diagonal, ultimately breaking through those levels. The previous week’s rejection, paired with this week’s strong upward movement, indicates a weakening of the blue diagonal which had been a point of rejection since March.
Consequently, it appears likely that SOL price will close the week above this resistance area, with the potential for a dip into this zone to establish new support, positioning the asset for a move toward the $202 level.
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Dogecoin Could Consolidate for a While
Switching focus to Dogecoin (DOGE), the analyst reflected on last week’s newsletter discussion regarding DOGE’s preparation for a retest of the May/June highs. Previously, these highs had served as resistance, but DOGE managed to find support at that level earlier this month.
Following this, DOGE successfully retested that level as new support, leading to a remarkable +30% uptrend. The asset has adhered to the anticipated path, revisiting the significant $0.20 highs.
While a rejection from this resistance is expected, it is not anticipated to be as severe as earlier rejections this year. The analyst cautioned to watch for a potential weakening of the black $0.20 level as resistance.
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Although a rejection here is normal, any subsequent retrace is likely to be shallower than previously experienced.
Overall, it seems that DOGE will likely fluctuate between the blue $0.16 level and the $0.20 black resistance unless there is a monthly close above the black level, which would set the stage for further upside movement.
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The post Solana Price Positions for Spike Above $200, Breaking 8-Month Resistance; DOGE Must Break Key Level for More Upside appeared first on CaptainAltcoin.
