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MAR 17, 2024

Where are Solana's Altcoins Going?

by ChefGunny.sol

Taking a closer look at the charts of $PYTH, $JUP, and $BONK.
$PYTH and $JUP are arguably the hottest Solana-native tokens to emerge this cycle so far, with the pair surging to the top 100 in terms of MCAP within a matter of weeks. $BONK, a memecoin launched during the depths of the bear market has performed extroadinarily well too, and is on record for helping the Solana ecosystem in its recovery from single digits. With that said, how are these tokens holding up in the charts?
$PYTH Daily Chart
$PYTH Daily Chart
First of all: $PYTH on the daily timeframe. If we draw up a 50% level using the recent range, via the Fib Retracement tool, a clear support level is obvious at around the $0.80 mark. Price has flirted with this support line numerous times, and will be a key price-point to look for should the market flip. Other than that, the trend is still very much up, putting in higher lows and fresh ATHs. Conclusion: $PYTH is looking very strong.
$PYTH 4H Chart
$PYTH 4H Chart
Turning to a shorter time-frame, we again see plenty of support at the major 50% level described previously. From this level, we can draw on another 50% level, demonstrated by the highest red line on the chart, and where further support has been found in the short term. At the time of writing, the 4H looks to be pointing towards a continuation of the uptrend, shown by consecutive HLs and HHs.
$JUP Daily Chart
$JUP Daily Chart
Many were critical of Jupiter following the launch of their native token $JUP, it is interesting to see how quickly sentiment can change, especially in the crypto-sphere; keep this in mind. The run up to $1.50 has been more than impressive, and the conviction in my $JUP bag continues to grow daily. In many cases, the team is of upmost importance when deciding on an investment, and the Jupiter team have certainly impressed so far. In terms of the daily chart, there isn't much to analyse due to $JUP's recent launch, the only level I can point to here is $1, at 50% of the range.
$JUP 4H Chart
$JUP 4H Chart
Thankfully there is a little more to look at on the shorter time-frame. A convergent pattern is forming just above the 50% level at $1.22, and this sell-off is actually an indication of a healthy market, following such an extended move to the upside. To maintain bullish price action, I'd want to see further consolidation above this level, before pushing higher. To the downside, the next support level would be at $1, however we need to take it one step at a time, and current support is still holding strong.
$Bonk 4H Chart
$Bonk 4H Chart
The Bonk chart once again showcases how important 50% levels are when looking at support and resistance. Above, price tests this level on nine separate occasions, and is now approaching it from the underside, so it is technically weak. A break above, with a number of consecutive closes would place $BONK in a strong position to push higher. In the meantime, expect some selling to enter the market at $0.000028.

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Thank-you for reading! I hope you enjoyed this and found it informative. Do drop a follow on X, Telegram and join my Access Protocol pool to unlock all my content.
As always, stay safe and bullish,
ChefGunny.

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