SOL- “Decisive Resistance at 90$”

2-Hour Analysis:

Big Picture: SOL moved just as predicted. It took a blow from the 90 level, which was identified as a strong resistance and a possible turning point for confirmation of positive momentum. However, we are currently back at strong supports. Due to many confluence supports, this level of 84.50 is seen as a strong intra-day support. However, SOL is expected to develop a new range of 80-90 now.

The Upside remain strong, with 90 serving as a significant resistance level. This is where EMA-32  be located. As seen by previous data, this EMA has been exceptionally reactive and has operated as the sole trend driver for SOL. A successful break above this will provide further room for expansion. However, there are different resistances between 92 and 95, making this a difficult zone for SOL. Above 95 there could be a potential breakout on Falling Wedge Pattern. The pattern is then likely to target 104.50-110 initially followed by 128-132 region.

On Downside 84.50 is the initial level of support. There is a strong horizontal support level here followed by both 4-Hour based EMA-50 and EMA 100. If this is lost, the intra-day supports of 80-78.60 will be reopened. These levels between 80-78.60 can potentially serve as range bottom now. However losing them opens 72 followed by 68 as next supports.