SOL – “Partial Profit-Taking Levels Approaching”

1-Day Analysis:

Big Picture: SOL managed to climb above 110-115 level and went as high as 120. However SOL is approaching multiple confluence resistance level on Daily Time Frame. On Daily a re-test and bounce of 110-100 level would further strengthen bulls and establish extensive upsides towards 155-200 level.

On Downside first intra-day support is 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. Keep this in view that this re-test would be on daily now which will be a positive sign for SOL.

On Upside first intra-day resistance is seen around 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.