12-Hour Analysis:
Big Picture: SOL’s bullish trend had continued, even after major coin corrected. SOL appears to be outperforming the market at the moment, but it is approaching certain key levels that will determine SOL’s future course of action. The main supply area and the falling channel resistance are the levels to keep an eye on. SOL enters another phase of hyper bullish terrain after a strong breakout of the range. A rejection, on the other hand, will put a stop to this momentum.
The Upside remains same with strong resistances initially at 130. This level capped SOL yesterday and triggered intra-day profit-taking. Above this lies the major resistance level at 134-140 that needs to be taken out for continuation of this trend. Once bulls manage to take this level out the next area of target would come around 155 followed by 180.
On Downside at 119.60, EMA-200 provided tremendous support. Bears are likely to find it difficult to break through this level. The 115 level is the next level of support, followed by the 113-112 range. Following that, the next important support is expected at 107.104.50. These are strong support levels that, if pushed, will almost certainly trigger fresh buying. This range is also expected to function as a strong day’s bottom, limiting any further losses.
