SOL – “Choppy Price Action”

4-Hour Analysis:

Big Picture: Over the weekend, SOL stayed flat with a narrow range of 82-77. As multiple attempts in breaking 80 fail, sellers are displaying symptoms of exhaustion. However, as long as the 80$ barrier is maintained, bulls will remain solid. Furthermore, a break of 80 will open the 72-68 level, which is projected to be a solid support and, at the very least, provide a relief bounce.

On the Downside the fall was limited at 77 in the early hours of the day, but prices rapidly pushed back over 80. As a result, 80 is once again a valid intra-day support level, followed by 77. However, if these are lost, SOL will be exposed to 72 and 65. This region is similarly powerful as 80, and it is likely to endure any more losses, at least partially.

The upside for the most part, remains unchanged. However, the initial intraday resistance level has now fallen to 83. Rest 90 is still the first significant resistance level. If this is broken, there will be more room for growth. However, there are several resistances between 92 and 98, making this area a difficult zone for SOL. For bullish continuation, 104.50 must be maintained as support, with a clear breach of 110 to trigger a breakout.