4-Hour Analysis:
Big Picture: Since the previous week, the 92-93 level has acted as a solid barrier, restricting the upside. SOL, on the other hand, is gradually penetrating far into Demand Zone, which isn’t entirely a positive indication. It was also said that if a support is touched several times, it becomes weak. To broaden its ranges, SOL must yet break clear of the 93$ barrier. Until then, we’re likely to chop between 80-65 and 92-96 as significant support and resistance.
On Downside the day’s initial support is seen at 88, followed by 86. If this is breaks expect another test of 80.80. Multiple tests of this region will weaken the support eventually and open further downside towards 72-65.
On Upside 91 is the initial intraday resistance level by falling channel resistance, followed by 92-93. This level of 92-93 is a major confluence resistance point as EMA-100 4-Hour is seen here followed by strong horizontal resistance. Breaking above this would be a good sign that is then likely to open fresh upside towards 96-98 followed by 100-104.50 levels.
