SOL – “Extremely Thin Ranges Now”

12-Hour Analysis:

Big Picture: Yesterday’s price activity was relatively flat. Price, on the other hand, was unable to close convincingly below 81 or over 90. As long as this continues, the ranges will likely stay choppy and narrow. However thinner ranges do signal that consolidation is relatively coming to an end now and that we can expect big movements soon.

The Downside remains the same with initial intra-day support at 81-80, followed by 77. However, the next substantial support is expected to be seen between 72 and 65. This region is equally as powerful as 80 and is likely to withstand any more losses.

The upside is likewise unchanged, with 90 serving as the first resistance level. Breaking this will allow for further upside. However, there are many resistances between 92 and 98, making this region a volatile zone for SOL. For bullish continuation, 104.50 must be held as support, with a clean break of 110 to trigger a breakout.