SOL-“Entering Overheated Domain”

12-Hour Analysis:

Big Picture: SOL going hyper mode once more and breaking all resistances in its path. The momentum is likely to continue with SOL targeting even higher levels now. However with this hyper move indicators are starting to get burned out. This situation can lead towards either consolidation or a small corrective phase where SOL can re-visit a few strong supports. As a result, fresh buying on strength can backfire; instead, aim for strong supports for fresh buys.

On Upside strong resistances are on the approach. Initially 130 is likely to act as a strong resistance that can trigger partial profit-taking at least. Above this level a strong supply zone exists at 134.50-138.30. Expecting aggressive profit-taking here. However breakout above this level puts SOL into an even more bullish terrain with 155 as next targets followed by 180 and 195.

On Downside the first intraday support level is at 115, followed by the 113-112 range. The day’s next support level are found at 107.104.50. These are solid support levels that, if tested, are likely to provoke fresh buying. This range is also predicted to serve as a durable bottom for the day, restricting any further losses.