SOL – “Eyeing Strong Daily Support Levels”

4-Hour Analysis

Big Picture: SOL similar to BTC went below the important supports but quickly recovered from there. However that still does not make SOL bullish. SOL has to break above 110-115 region to escape this volatility and choppy price action and clear way towards 125-130. Any rejection and closing below 98-96 region will bring back the likelihood of Daily Support levels re-test.

On Downside 98-96 remains to be an important 4-H based support levels that are likely to act as first support for the day followed by 90-87 level. However any closing below this will once again open the Daily based support at 80 followed by 65.

On Upside EMA-100 4-Hour at 107.50 is acting as a tough resistance that is capping the upside. However climb above this will once again open the 4-H based Supply zone at 110-115. This level remains important for SOL to break in-order to open the upside levels around 125-130.