SOL-“Multiple Supports”

1-Day Analysis:

Big Picture: SOL is getting closer to multiple strong EMAs and horizontal supports. These levels are expected to re-energize bulls in their quest to reclaim trend control. SOL will remain in bullish territory as long as it is over the 98 mark.

The Upside levels remain same with initial resistance at 118 followed by 122 region. SOL would need to reclaim the lost EMA-200 daily. Stronghold above 123 will take SOL towards 127 and 130 once more. A successful breakout above 131 is required to once more pave path towards the falling channel resistance at 140.

On Downside, Intra-day support is evident at the 113 region, which has previously served as a strong support. Multiple strong EMA supports exist below this level, which have worked as trend drivers for the past few months. Furthermore, for the first time since early December, SOL has successfully broken these EMAs. These EMAs are expected to provide excellent support. However, if bears manage to breach these levels, we are likely to enter the demand zone of 101 and 97 level.