2-Hour Analysis:
Big Picture: Sol is now in an upward corrective cycle and is proceeding in an ascending channel. Currently trading above the midpoint of the channel, which is the bullish section of the channel, while below the mid-point is the slower terrain. On the upside, Sol has a few significant resistances, so expect profit-taking at those higher levels.
On Upside, The 58.70 level continues to provide strong intraday resistance. This level continues to limit the upside. Sol must gain acceptance above this level in order to advance higher. Doing so will extend the upside towards 62 initially followed by supply zone at 64-66.
On the Downside the first level of support is observed at 56, followed by 52. This overall pattern indicates that Sol is in a corrective phase; Sol is not bullish in any way right now. However, we have support near the bottom of the channel at 50. Furthermore, if this channel is violated, there is a good risk that Sol will return to lower support levels.
