SOL-“Key Resistance at $45-47”

4-Hour Analysis:

Big Picture: As stated in the last report, there was a significant likelihood of a quick deviation bounce on Sol. Sol deviated below the 37.40 level, but immediately recaptured it, triggering a big weekend bounce. Sol is likely to face significant opposition in the 45-47 range. A firm hold above this region of resistance will set off a powerful corrective cycle to the upside, aiming for higher levels.

On the Upside the initial resistance is seen at 4-hour EMA-100, which is now around 45.40. This EMA has not been tested in more than a month. As a result, first rejection is likely in this case. To launch a significant move to the upside, bulls must keep the pullback short-lived and overcome this level, followed by channel barrier at 46. Successful breakout is likely to pave path towards 58 and towards 70-72 potentially.

On the Downside Sol has decent intra-day support at 41.50-40.00. This is where EMA-50 and horizontal area are located to protect the price. However below that we have next support at 37.40. Furthermore this support level should not be tested any time soon otherwise there remains a high chance of slide towards 32 followed by 28-26 region.