SOL – “Falling Wedge Breakout Possible”

12-Hour Analysis:

Big Picture: SOL once more is showing signs of strength. However we are still not in a clear run as there are still a few strong levels that need to be broken before going aggressively bullish. Price is once more challenging the Wedge Pattern, breakout paves path towards higher levels.

The Upside Once crucial resistance of 90 was abolished, SOL expanded the ranges. However, it was also indicated that there are several significant resistances in the area of 92-97 that will make it tough for price to sustain. These levels remain a significant price barrier. However, if price can break above 97, the daily EMA-50 level, a considerably larger and longer-lasting surge is likely.

On Downside initial support for the day is seen at 88.60 followed by 84.50 as the next intra-day support. If this level is lost, much stronger supports of 80-78.60 will be reopened. Expecting 80 to act as firm bottom for the day, limiting any potential fall if seen.