SOL-“Re-testing the Supports”

1-Day Analysis:

Big Picture: Multiple rejections of intraday resistance fueled selling pressure, exposing Sol to channel lows. A reaction was needed to hold onto the lows and maintain Sol’s slowly glide into the ascending channel, but no reaction was seen, therefore Sol violated the channel and nosedived deeper down. Lower supports are currently exposed, and a reaction can be seen of those levels.

On Upside, The initial resistance for Sol is at 52, with the key resistance at 58.70. This particular level has been preventing Sol from moving higher. As a result, Sol would need to recover this in order to open the following objectives at 60-61, followed by the supply zone at 63-65.

On the Downside the initial support level is 48.70. The next level of support is visible around 45.90, followed by 44.75, and finally 42.15. These pillars should protect Sol against further losses. However, if a massive sell-off occurs, Sol is likely to retest the trendline support at 36.25.