SOL-“Strong Support Approaching”

1-Day Analysis:

Big Picture: Sol is approaching significant support levels of mid-2021. Sol was protected by these support levels in the previous mini-bearish environment. Price is progressively reaching this level; expecting this support to hold.

On the Upside the initial resistance level is seen at 31.70 followed by 35-35.70 levels. After that, we have significant resistance at 44.50. This was the point at which the big bull-run in Sol began last year.  Hence this is likely to be a major hurdle for Sol. Furthermore, EMA-32 is near to that level, making it even more difficult for price to break through on initial attempts. 

On the Downside the first level of support is observed around 28.30, followed by 26.20. After that, we have a significant major support level of 22.65-18.65. This level is anticipated to prevent further declines and trigger a wave of short-covering. Furthermore, this level is as strong as the 80$ support level from February to March.