4-Hour Analysis:
Big Picture: SOL displayed tremendous strength after reclaiming the EMA-50 level. To extend the gains, it must now hold the 106.40 support level. This is a major level that has now been regained, and sustaining above it is likely to confirm the trend reversal.
On Upside the first point of resistance for the day is at 108.40. The next level of resistance can be found between 111 and 113.40. SOL is anticipated to test EMA-200 daily at 118 once it breaks these intra-day resistance levels. This level will be critical in determining SOL’s future course of action. Prices will be put under pressure again if this level is rejected, but a successful break above it will launch the next bullish run towards the 165-170 region.
On Downside, Several strong supports can be seen in the 106-104.50 range. Maintaining this level will give prices a significant lift. If this range collapses SOL is then likely to re-test the 101-100 area. Losing 101-100 range won’t be a good sign, exposing SOL to 95-90 potentially.
