SOL-“Strong Supports Below”

2-Hour Analysis:

Big Picture: The bearish pressure persisted, exposing Sol to lower support levels once more. However, there are early indications of a partial bottom close-by as we see significant surges in volumes and possible bullish divergence printing aggressively on lower time frames and now beginning to show on higher time frames. Sellers should use cautious as we approach numerous support regions.

On Upside, The initial resistance level is projected to be at 41.50, followed by 43. Following that, there are further resistances at 44.90 and 45.85. Above here, there is area for Sol to run, as the next resistance is at 50.05, followed by key resistance at 58.80. Sol must hold above 58.80 to counteract this pressure and pull a strong relief rally.

On the Downside 40.40 is now providing great assistance to Sol. This is a good level of support for the day, but if it is broken, Sol will return to the bottom of recent lows. This level is critical for Sol to hold since failure to do so would prompt the final wave of selling, which might expose Sol to the 21-15 region.