1-Day Analysis:
Big Picture: Sol’s response to the trendline support was strong. As a result, there was a significant upside push into the resistance area. However, Sol rejected intraday levels, which was a near certainty. Sol is now expected to re-test lower time frame support levels in the 46-44$ range. A good reaction will encourage Sol to make another effort to breach these intra-day levels and drive the price higher as part of a corrective move.
On Upside, The 58.70 level is showing significant intraday resistance. This level has provided the first denial for a price recovery. Sol failed many lower time frame tries on this level. However, if this level is broken, the upside is expected to extend to 63-67, then 71, and finally a re-test of the previous significant support level of 80. This is also where EMA-50 may be observed, indicating a possible hard top.
On the Downside initial support level is 50.20. Breaking this opens the lower-time frame key support level of 46 followed by 44. Ideally a positive reaction is must here for price to keep Sol bullish on lower-time frames. However breaking below this once more opens the re-test of trendline support.
