Solana’s monthly chart, like many altcoins, shows just how ‘new’ or ‘young’ it is because there have not been enough months for a full Ichimoku chart to develop.
But that doesn’t mean it’s void of useful analysis.
From an oscillator perspective, the Composite Index is at an all-time high, but that might not be important given the little data on the monthly chart.
The detrended oscillator, however, has a good chunk of data, and it’s just crossed above the zero line – something the great trader and analyst Connie Brown (who created the Composite Index) suggests could be a major precursor to a big move.
The bulls will likely have some difficulty getting $SOL across the Kijun-Sen. Because the Kijun-Sen has been flat for a long period of time, the strength of its resistance becomes enhanced.
Near-term resistance: $137.74
Near-term support: $40.50
Ah, the original shitcoin. Dismiss it as much as you want, but $DOGE is still one of the most popular and traded cryptos.
If there was a chart that looked like it was about to burst, then Dogecoin’s monthly chart is it – and the reason for that is mostly due to the Composite Index and Detrended Price Oscillator.
The Composite Index just completed something I call ‘the pinch’ – it’s when the CI’s line crosses, at the same time, its fast and slow-moving averages. And the Detrended Price Oscillator’s angle suggests it’s about to cross over the zero line.
Dogecoin has the advantage of being one of the only major altcoins that has yet to close its monthly candlestick above the Tenkan-Sen and has been in a major congestion range for a very long time. And it’ll likely spike if Dogecoin catches some social FOMO or Musk posts on X about DOGE.
Until then, it’s bearish as hell. No support exists on the monthly chart (but there is on the weekly).
Near-term resistance: $0.209
Near-term support: $0.072
$LINK‘s momentum looks very strong and poised to test the Kijun-Sen, and if it does, that might be where it gets halted – and that’s where bears may find opportunity.
The last time LINK touched its monthly Kijun-Sen was January 2022, nearly two years ago. The last time it closed above the Kijun-Sen was in October 2021.
Near-term resistance: $21.72
Near-term support: $10.69
$HBAR is between the Tenkan-Sen as support and the 38.2% Fibonacci retracement as resistance. But beyond that, the next resistance level is the 61.8% retracement at $0.088.
Like many altcoins, there’s not much data to go off of with the Composite Index, but the Detrended Price Oscillator has been stuck on the zero line like white on rice.
And if it has a clear close above the zero line, that could be the push HBAR needs to begin its own move higher.
Near-term resistance: $0.075, $0.088
Near-term support: $0.059
It looks like there’s a metric crap ton of resistance above where $ETH is at – and there is. But because of how thin the Cloud is, it might not matter.
Thin Clouds represent weakness. While Senkou Span B is the strongest level of support/resistance, the closer Senkou Span A gets to it, the weaker both levels become.
If Ethereum’s oscillators were at any extremes or there were some big divergences, the present setup might look like a big bull trap.
Like Dogecoin’s Composite Index, Ethereum’s CI has crossed above both averages and is in neutral territory.
Near-term resistance: $2,362
Near-term support: $1,754
$VET‘s monthly chart is another example of an altcoin prepping for an explosive move. It’s currently attempting to close above the Tenkan-Sen for the first time in a year and for only the second time since April 2021.
The current condition of VeChain’s Composite Index and Detrended Price Oscillator is where bulls are likely salivating.
The Composite Index is as flat as the Great Plains and just crossed its fast- and slow-moving averages, and the Detrended Price Oscillator is even flatter than the CI and looks poised to cross above the zero line.
And given the massive space between the Tenkan-Sen and Kijun-Sen, any confirmed monthly close above the Tenkan-Sen could send VeChain soaring until it hits the 38.2% Fibonacci retracement at $0.041.
Near-term resistance: $0.041
Near-term support: $0.021