SOL – “Play the Levels”

4-Hour Analysis:

Big Picture: SOL reacted once again to its major daily support. SOL is now seen swinging between an even thinner range of 105-80. As a result, the range breakout would set SOL’s next macro direction. Breaking over 105 leads to 110-120 first, then 128. Breaking below 80 is anticipated to drive prices down to 65, then 58. It is best to play these ranges as long as they hold than seeking for breakouts.

On Downside 88 will be treated as minor intra-day support followed by 85. However major support is still holding at 80. As long as this level holds the downside is protect however losing this on daily closing will be a sign of weakness with next lower targets of 65 followed by 58.

On Upside, The day’s initial resistance is seen at 90. Price must pass this level in order to open the door to more upside. However, there are many resistances between 92 and 98, making this region a volatile zone for SOL. For bullish continuation, 104.50 must be held as support, with a clean break of 110 to trigger a breakout.