SOL-“Multiple Supports”

1-Day Analysis:

Big Picture: From the support levels, there was a strong reaction. These bounces must develop momentum in order to break free from these selling chains. Every bounce is met with a strong selling pressure, indicating that sellers remain in control.

On Upside initial resistance is seen at 106 followed by 110. Price got rejected off these levels yesterday. SOL needs to show strength over 108.50-110 level to partially violate the selling spree and trigger a relief towards 113 initially followed by 118 and into 123 level. This is where EMA-200 is present and will act as a decisive zone once more.

On Downside, The demand zone is currently being tested once more. This level gave strong support yesterday and needs to hold further. Still a partial local bottom could be seen between these ranges. However, if this support level is breached then 95 followed by 90 are the next support levels.