A crypto analyst with a large following warns that Ethereum (ETH) rival Solana (SOL) may experience a sudden market correction. The analyst also creates a route for the leading cryptocurrency. Finally, he covers the popular meme coin Dogecoin.
Analyst: Be prepared for harsh correction for Solana!
cryptokoin.comAs you follow from , Solana impressed with its performance while the market was gaining new momentum. However, an analyst with the pseudonym Rekt Capital says a correction is on the way. The analyst suggests that if SOL fails to turn a key level into support, it will likely follow a previous price pattern on the downside. In this context, Rekt Capital makes the following statement:
SOL: If history repeats, Solana could experience both upside volatility beyond $42.86 (red) and downside volatility up to $30 (below the purple box) if the rejection is strong. Will history repeat itself? If it happens again, I’ll be prepared.
The analyst warns that the longer SOL trades below the $42 range, the more likely a deep correction becomes. Along these lines, “Solana is already producing some upside wicks beyond ~$42.86. “If it continues to remain below this resistance, SOL may experience a deeper retreat over time.” says.
Looking at the analyst’s chart, it appears that he is referring to SOL’s price action in early 2021, when Solana (SOL) witnessed a deep pullback after failing to overcome the resistance around $42. Meanwhile, Solana was trading at $41.74 at the time of writing. Additionally, the altcoin gained over 6% on its daily chart.
Halving route for Bitcoin before and after!
Rekt Capital then moves on to the leading cryptocurrency Bitcoin (BTC). The analyst says BTC will continue to rise towards the diagonal resistance around $42,000 before the halving. Rekt Capital expects a pullback after BTC reaches diagonal resistance before turning into support after the halving. Meanwhile, the halving, scheduled to take place in April 2024, is traditionally seen as a bullish event as it cuts miners’ rewards in half. Rekt Capital explains its predictions as follows:
Bitcoin may reject black trend line resistance before halving (orange circle). However, after the halving it will likely retest as support (black circle).
Analysts are watching DOGE closely
Finally, the analyst focuses on the popular meme coin Dogecoin (DOGE). He says he is watching closely to see if Meme-coin can convincingly break out of a descending channel on the weekly chart. In this context, the analyst shares the following evaluations for the altcoin:
What really matters is whether this week’s ‘buy the dip’ behavior is enough to push DOGE above the channel top. Because previous weekly closes below the channel top and subsequent brief recoveries are still bearish (orange)… The ‘buy the dip’ behavior we saw yesterday appears to be relief below key resistance. However, there is no strong DOGE rejection and downside continuation. The most important signal is a weekly close above the channel top to confirm a breakout.
According to the analyst’s chart, he is looking at DOGE to surpass the top of the channel resistance around $0.07. DOGE is trading at $0.0681 at the time of writing.
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