4-Hour Analysis:
Big Picture: SOL has multiple resistances between 120-132 levels. It has been absorbing supply by slowly grinding into these levels. Moreover, this consolidation is likely to invite a strong impulse on either-side. On upside a clean break above 132 is needed to put SOL on course towards 155-198. However any rejection of the resistances could trouble the price action.
On Downside 4-H EMA-50 and intra-day support at 110-112 are acting as a firm support. If this level is broken then intra-day support level 2 is likely to come into play at 104 level followed by 100-96 as major re-test levels. For bears they need to stronghold below 96 to regain any control on trend.
On Upside first intra-day resistance is still observed at 116 level followed by 120 where EMA-200 4-H is present. Climbing above EMA-200 level opens 4-H based supply zone. This is the level that Bulls need to surpass in-order to test their resolve at 132 and lead SOL towards a Higher Time Frame Breakout.
