SOL-“Resistances Approaching”

4-Hour Analysis:

Big Picture: As the momentum remained strong, SOL started a powerful trend. SOL is nearing levels that are anticipated to behave as strong intraday resistances. Between 110 and 115 levels, there is a significant congestion zone. Partially profit-taking is likely to begin at these levels.

On Upside Initial resistance is felt at 110 for the day. If this level is broken, next we have 112.50 and 115 levels that are likely to act strong resistances. These ranges are expected to limit gains for the day, but in the event of extended upside, the EMA-200 will likely be tested between 118.50 and 119.50, depending on the duration.

On Downside SOL can re-test 104.50 as breakout based support level. However similar to others an extended re-test can take SOL towards 100 followed by 98.25. This is where EMA-50 Daily is present that is likely to limit any further fall and provide strong support.