SOL-“Daily Resistance”

1-Day Analysis:

Big Picture: SOL is currently consolidating below the critical levels. To enter another round of bullish emotions, SOL must clear this supply zone and falling channel resistance. Overall, SOL is bullish, and any decline will be viewed as a buying opportunity as long as it maintains its hold on the EMA-200 Daily.

The Upside SOL was capped at 134-140 by the supply zone. This level has been identified as a critical profit-taking zone. SOL, on the other hand, must break through this level in order to see any more gains. If the breakout is successful, the next levels on the upside are 155 and 167.50.

On Downside, At 130, there is solid intraday support. On lower time frames, this was a key resistance level that has now been reversed into a significant support level. However, if this support is broken, SOL may take a fast drop to 127, then 124.50. This is where the 4-hour EMA-50 is present, which is likely to keep the fall in check. On the Daily, however, significant support is now observed at 122, where the EMA-200 is visible.