SOL – “Directionless Price Action”

1-Day Analysis:

Big Picture: On the upside, SOL still faces many significant resistance levels that are preventing it from regaining strength. To restore some momentum, SOL must first sustain and consolidate above the 110 region. This, however, does not make it bullish yet. To become bullish, it must break above 126-132 to enter bullish price action and establish targets of 155-172 and eventually 197.

On Downside at 97 level, the first intra-day support was observed. SOL has been maintaining this support for some time, but any breach below 97 will go to the 91-87 range. Partial short-coverings are likely at this level. Below this, there are important daily based supports at 80 and 65, which are likely to invite aggressive fresh buying.

 On Upside 100 likely to be the first intra-day resistance followed by 104.50. However Sol has to find its way above 110 level to drive some momentum and direction. 110 is still acting as a major resistance that needs to be reclaimed to open 120-122 next followed by 126-132 levels.