SOL-“Choppy Price Action to Continue”

1-Hour Analysis:

Big Picture: The bounce carried on and tested hourly range top at 104. Heavy rejection was observed which once again dragged the prices down to the range bottom. However, as long as 80 level support remains intact re-testing the Supply Zone at 110-115 in-coming days will remain on cards. Anyways expect choppy price action on SOL.

On Downside price once again tested 87 and bounced off this level. Having said that continuous testing of this level would just make it weak and eventually open doors for another test on 80 level. So ideally we want the price to consolidate above range mid-point and protect this level. 80 is likely to act as the bottom for the day however any breach of this level opens 65 as the next major support level.

On Upside Going forward 96 level is likely to be intra-day resistance once more followed by 104 again. 104 needs to be breached by bulls at all costs to drag SOL from aggressively bearish to bearish-neutral category. Break and Stronghold above 104 will open 110-115 as the next supply zone.