SOL – “Key Resistance at 92$”

1-Day Analysis:

Big Picture: SOL on verge of Falling Wedge Pattern breakout. It needs to climb above 93 and sustain above this level. A much strong confirmation will be seen once SOL starts to break above EMA-50 Daily. Doing so would put SOL into a strong upside potential towards 104.50 followed by 110 level. However losing momentum at this level will invite partial profit-taking.

The Upside 92.20 is giving a hard time to SOL. This level has Channel and strong horizontal resistance making it a strong resistance level. SOL if starts to hold above this will open further upside towards EMA-50 Daily. A breakout above EMA-50 will open 100-104.50 as next immediate upside followed by 110. For today we are potentially observing a Morning Star Pattern which is bullish in nature.

The Downside remains the same with initial support for the day 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.