SOL-“Choppy Price Action to Continue”

4-Hour Analysis:

Big Picture: Sol’s price behavior is volatile. The price is now trapped between a strong support and resistance zone. It has tested the support region once again and has managed to quickly bounce off of this demand area. Now we’re moving back into the resistance zone. Price is anticipated to remain turbulent for the foreseeable future as long as it trades inside this range.

On Upside the initial resistance level of 100.80 stays unchanged. This isn’t the only type of opposition in the area. SOL is likely to struggle between 101.80 and 105. A break above these levels will allow further momentum to develop, propelling Sol higher.

On the Downside the price is being held nicely by the demand zone around 94.50-93. This level has served as strong support, and a triple tap bottom formation might be in the process here. Sol must get over 105 in order for the bottom to be confirmed. However, if this support falls, the downside is expected to continue to 90-88, then 84.