12-Hour Analysis:
Big Picture: Another day of consolidation beneath the important breakout area. SOL continues to demonstrate strength by holding the supports and refusing to allow the price correct. However, this will only be deemed a strength if there is a breakout; otherwise, a partial distribution phase may occur. SOL is expected to make a move in the next several hours.
The Upside SOL remains the same, with the supply zone capping it at 134-140. SOL looks to be absorbing the partial profit-taking at this level. SOL, on the other hand, has to break through this level to see further gains. The next levels on the upside are 155 and 167.50 if the breakthrough is successful.
On Downside, The levels behaved in the exact way that they were supposed to. As a result, 130 remains a strong intraday support. This was a crucial resistance level on lower time frames, but it has now been inverted into a significant support level. If this support is broken, SOL might quickly fall below 127, then 124.50. The 4-hour EMA-50 may be seen here, which is likely to keep the fall in limit. On the Daily, however, there is now considerable support at 122, where the EMA-200 can be seen.
