SOL-“Multiple Supports”

1-Day Analysis:

Big Picture: The price of SOL is currently in the demand zone. As expected, the reaction was observed. It is now equally crucial to maintain this level. For the time being, a consolidation phase followed by an expansion phase is required. If this level does not perform as a local bottom, the 96-90 range will most likely be opened up.

On Upside the first point of resistance stays at 107.50-108, followed by 113. The 118 degree of resistance is followed by the 122 level of resistance. To trigger a similar bullish leg, the EMA-200 would have to be retrieved on a daily basis by SOL. If SOL can sustain a grip above 123, it will return to 127 and 130. A successful breakout over 131 is essential to establish a path for the falling channel resistance at 140.

On Downside, The demand zone is currently being tested, and it must maintain its level. At partially, this level could be the potential local bottom for SOL. However, if this support level is breached then 96 followed by 90 are the next support levels.