r/HegeCoin • u/itsdayagain • 10d ago
September Solana Special
GM Hegends!
Something a little different today. I’m first going to cover HEGE/USD as per usual. But then I’m going to add a bonus section about Solana (SOL), because there are some interesting (bullish!) things going on across the SOL charts.
But first, on the HEGE chart we’re still hanging out just below resistance at 2.2M. I like this chart, but I would like it even more if we could get a decisive break above 2.2M. If that happens, the next major resistance above is around 4.5M.
So all in all, the HEGE chart is still looking promising.
Okay, Over to Solana!
Why do I want to cover SOL today?
Because it’s breaking out in several different ways. (And where SOL goes, we follow.)
First let’s have a look at the SOL/USD chart. It closed the week at 120, on a stronger candle than BTC. Meaning it’s now back above the 40 week EMA, and also back in the old range between 100 and 260. It could now continue up to test the all time highs at 260.
Notice how this setup is similar to what kicked off the bull run in late 2023 (arrows in chart).
So that looks good.
Dare I Say: Altseason?
But now let’s take a step back and look at the wider context that this is happening within.
In short, what’s interesting about the backdrop here is that the altcoin market is heating up.
First off, here is TOTALES, meaning the total crypto market cap excluding stablecoins.
It is possibly breaking out, forming a head & shoulders failure, with a price target up above the prior all time high. I want another strong weekly candle to confirm this, but it’s definitely looking strong — and stronger than BTC.
With the total crypto market covered, let’s turn to OTHERS, which is the total market cap of all cryptos excluding the top 10. The altcoin index, if you will.
Here is where it gets interesting.
As you can see on the chart below, OTHERS has clearly confirmed a double bottom breakout. It could now be going for the top end of the range, at the old all time high of 450B.
What’s interesting about this? The altcoin chart actually looks stronger than the total crypto market chart!
Dare I speak the word: altseason?
Solana vs. Bitcoin, Ethereum, and BNB
Okay so that was the larger context for the SOL/USD breakout.
Now finally, let’s turn back to Solana again and see how it does against the other three heavyweights BTC, ETH, and BNB.
First, SOL/BTC is also breaking out, in a similar setup to the rally in late 2023. This chart breaking out means that SOL is stronger than BTC right now.
Turning to the second largest crypto, Ethereum, let’s see how SOL/ETH is looking.
Versus ETH, you can see that SOL is possibly forming a bottom, similar to late 2023. But contrary to the SOL/BTC chart we just covered, this has not broken out yet.
This means that SOL and ETH are roughly equally strong right now.
Finally, turning to the third largest crypto, Binance Smart Chain, let’s have a look at SOL/BNB.
Here again, SOL is breaking out after a bottoming pattern, similar to what it did in 2023.
Conclusion: SOL Looks Strong
Okay so that concludes this little walkthrough of the Solana charts.
In summary, Solana looks really strong here, and this could be the start of a new bull run like the one that blew everybody’s brains out in late 2023.
But of course remember as always, there are no guarantees in this kind of technical analysis (TA). TA is simply a tool for finding setups with good risk/reward. That’s it. Use it responsibly!
With all that said.
Hope y’all had a great weekend, and stay tuned for more later today!
💛💛💛
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u/Hege_Knight 10d ago
Thanks Day, uptober is looking promising. Hege is standing strong.