SOL – “Range Expansion Likely”

2-Hour Analysis:

Big Picture: SOL is developing a lower Time-Frame play with a converging triangle pattern that is likely to capture liquidity against either side initially. SOL will go towards 84.40 if a bullish breakout occurs. A bearish breakthrough, on the other hand, leads to a re-test of the 75.45 support level. Price Action is expected to be indecisive unless a breakout occurs. Furthermore, SOL is trading within a falling wedge pattern on Macro Time-Frame, with maximum ranges of 96 on the upside and 71-68 on the downside.

On Downside the first level of support is seen at 78.90, followed by 78.60. If the price falls below these supports, SOL is likely to test the 75.45 level once more. Below this level, the next important supports are 72, 68, and 62. Overall SOL is very flat in its movements.

The Upside for the most part, still remains totally unchanged. However, the initial intraday resistance level is at 84.40. However for rest 90 is still the key significant resistance level. If this is breaks, there will be more room for growth. However, there are several resistances between 92 and 98, making this area a difficult zone for SOL. For bullish continuation 104.50 and 110 are the levels to surpass.