SOL-“Strong Momentum Building Up”

4-Hour Analysis:

Big Picture: Once SOL started to sustain above 94 there was no looking back and it smashed into the mentioned upsides of 99-101. Now SOL is still showing immensely strong momentum and looks likely that any potential dip will be an aggressive buying opportunity. SOL is eyeing 110-115 level next. 90$ is the key level to hold now for continuation of this momentum.

The Upside SOL is on verge of breaking EMA-50 on daily now if it closes the session above 97. First intra-day resistance is seen at 101-101.50. Expect partial profit-taking on these levels. However SOL looks unlikely to stop here and should move towards 104.50-110 soon. Breakout above 110 opens 115-120 as immediate next upside.

On Downside the first major support level is at 94, followed by 92. As long as 90$ holds, SOL is likely to maintain its strong momentum. A break below this level will result in a loss of momentum, and the swing will be considered a failure. This will play into the hands of bears, who will most likely expose it to 84.50 first, then 80, and finally 75.