SOL – “Strong Support between 80-65”

4-Hour Analysis:

Big Picture: Unless SOL reclaims and holds above the Daily EMA-32, this pressure is expected to build and undermine the support levels of 80-65, exposing SOL to 58 and 46 in the next weeks. To rule out this scenario, SOL must return above 104.50 and re-test the EMA-34 as support. This would temporarily halt the negative pressure and initiate a relief bounce towards 120-132.

On Downside Constant demand at 80-81 is preventing additional declines, but it appears to be weakening as bounces from this level begin to fade. Collapse of this support will most certainly expose SOL to 72, followed by 65.

On Upside, The day’s initial resistance is visible at 84.85, followed by 86. Breaking over this level, however, invites more multiple resistances that are encountered in fast succession between the 92-96 region. To avoid current selling pressure, a hold above 104.50 is necessary, followed by a clear break above 110. This would invalidate the bearish outlook and set off a new relief rally towards 120-132, followed by 148.