4-Hour Analysis:
Big Picture: SOL was expected to cool off around intraday supports in the following session, according to reports. The cool-off was accompanied by a solid rebound from the 98 level. It must now break through 104.50-107 in order to test the main level of 110. However, we cannot rule out the possibility of a test of lower intra-day supports between 93 and 92. If it happens with a strong rebound, it will be considerably better for SOL.
On Downside the day’s initial support is at 98. The retest was successful however, the lower re-test still remains valid at 93-92. These levels are major support levels and are likely to draft a bigger bounce. However it’s equally critical to hold them for Bulls.
The Upside for the day remains the same with initial level of resistance at 104.50, followed by 105.20. A break over them, however, goes to the next resistance level of 107. 110 remains a critical key for SOL, as a break above it will likely open the door to a broad rally towards 120-132, then 148.
