Cryptocurrency analyst Rekt Capital shared details about some cryptocurrencies, especially Solana, today. The analyst warns at key levels. Let’s look at the details.
FET’s impressive rally
Recent market movements, particularly in Solana and FET, have brought up some interesting observations and potential scenarios. The analyst points out that FET has recently experienced a significant 77% rally. Accordingly, it exhibited a significant price movement. However, this rally has a different situation according to analysts. Accordingly, the rally differed from the previous situation marked by yellow circles, where the FET successfully retested a key support level represented in black.
Before Solana comments, the analyst draws attention to FET’s new monthly closing. According to the analyst, the new monthly closing deviated from this formation by taking place below the black support level. This inconsistency raises concerns. If FET does not manage to get black back as support soon, there is a high probability of rejection in the near future. The analyst says FET’s movement will vary depending on how Bitcoin behaves.
Bitcoin increase
Pre-Solana Analyst draws comparisons with BTC’s behavior in 2019 and 2015. Accordingly, if it is more in line with 2019, he says there will be a deeper price decline in the next few months.
However, if Bitcoin behaves more like it did in 2015, the price pullback could be shallower. This pullback will be part of the process of creating a Reaccumulation Range at higher price levels.
Key levels for Solana
Unlike FET, Solana has been in an uninterrupted uptrend since breaking out of the orange-black range. It is gradually approaching the key resistance level at $42.86 marked in red. Additionally, this level is a point where price rejection occurs in early 2021 and mid-2022. Price wicks have the potential to move beyond this red level. The future trajectory of Solana SOL remains uncertain. If history repeats itself, this will lead to extreme volatility for Solana, according to the analyst. This will manifest itself as significant upward price movements.
Accordingly, in this case, Solana will exceed the $42.86 resistance. Or, with a strong downward move, it will fall below the purple box, down to $30. In conclusion, as Kriptokoin.com, the market is driven by various factors and historical patterns. These observations provide insight into potential scenarios. However, market movements can be unpredictable. Being prepared for various outcomes indicates a cautious approach in the dynamic world of cryptocurrencies.
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