4-Hour Analysis:
Big Picture: Over the weekend, Sol ignited another powerful move to the upside and tapped into the long-lost EMA-200. Price is currently under pressure from this level as it tests the main moving average resistance after more than two months. To continue this great momentum, Sol must overcome this key EMA-200 barrier. If this is achieved, the momentum will shift to the upside. Multiple rejections, on the other hand, may stall the momentum and allow for a re-test of lower support levels.
On the Upside major resistance is seen at 41.30. This is where currently 4-hour based EMA-200 is seen. For the past few hours price has been consolidating around this EMA. A stronghold over EMA-200 would likely extend the upside initially towards 42.20 followed by 44.40 and 47.80.
On the Downside EMA-50 is seen as the initial support level at 38. Following that are the newly regained horizontal levels of 35.70-37.40, which will act as Sol’s next support levels. These are good support levels, but losing them would expose Sol to lower support. These supports can be seen at 33 and 31. Furthermore, the RSI has been rejected above the 70 level once more, indicating that short-term momentum has not yet moved totally in favor of the bulls.
