4-Hour Analysis:
Big Picture: SOL went below the 98.80 support level. It is expected to test that level again, and a rejection this time would be a severe warning, leading SOL back to the breakout-based support levels. When the breakthrough levels are tested, expect aggressive short-coverings and fresh buys.
On Upside The initial resistance level is likely to be 98.80-100. Then we have a solid barrier in the form of the EMA-50 4-hourly, which has been pushing this bearish trend. Sustaining above this level will be critical in negating and halting this selling spree. Strongholds above the EMA-50 is likely to pave the way towards 108-110 initially, followed by higher levels.
On Downside, The initial intra-day support level is 95.50. This is a significant level of support that is likely to put sellers on the alert. However, if it is breached, we will most certainly see 92 levels at first, followed by 90-88 levels. This is where breakout-based supports can be found, which are likely to prompt aggressive short-covering and possibly fresh-buying.
