SOL – “Multiple Resistance”

1-Day Analysis:

Big Picture: SOL showing heavy price action as multiple resistance levels are seen at very quick successions. Signs of partial profit-taking was seen yesterday. However, there still remains further room for upside towards 128-132 region. Similar to other coins SOL is in need of a re-test of major levels. A successful re-test would establish extensive upside towards 155-198 levels in coming weeks.

On Downside first intra-day support is still seen between 112-110 level. However if price goes below 110 then further extension of re-test levels are likely to be seen which will put 100-98 back into play. A successful re-test would be welcoming sign for Bulls.

On Upside first intra-day resistance is still observed at 122 level followed by 125. If price holds above 125 then we are likely to see it test EMA-50 Daily at 132.30 followed by Channel resistance at 136. SOL could observe a slow upside into resistance followed by major breakouts on daily. Channel breakout will lead towards 155 as first established target.