12-Hour Analysis:
Big Picture: Profit-taking was sparked by the daily resistance region, which limited the rise. SOL, on the other hand, is set to enter a good support region, where this corrective cycle will encourage profit-taking and fresh-buying. Between 120 and 113, there are signs of a bottoming out.
The Upside the intra-day resistance level for SOL is 127, followed by the critical daily resistance level of 138-140. SOL must break through this level to begin the next cycle of bullish momentum, with goals in the 165-180 zone.
On Downside, It seemed almost certain that losing the 130 support level would result in a meltdown. SOL is now nearing the bottom of its downtrend and is approaching firm support. As EMA-200 based support, the 120 level is currently safeguarding any downturn. SOL can use this level to track down the stop’s play, but staying below it for a few days would result in a loss of momentum and possibly generate new pressure, exposing SOL back to range lows around 85-80.
