12-Hour Analysis:
Big Picture: SOL was rejected at the 90 level, resulting in strong profit-taking. Moving forward, we expect demand near 80 to weaken, opening the way for a much deeper retracement towards the demand zone. Expecting the following range of 72-65 to hold in the same manner as the 80 level. To avoid this situation, SOL must retake and hold above 90; else, the following lower supports are likely to be challenged.
On Downside the initial intra-day support is located at 80, followed by 77. However, the next substantial support is expected to be seen between 72 and 65. This region is equally as powerful as 80 and is likely to withstand any more losses.
The Upside for the day remains the same with initial resistance at 90. Price must sustain this level in order to open the door to more upside. However, there are many resistances between 92 and 98, making this region a volatile zone for SOL. For bullish continuation, 104.50 must be held as support, with a clean break of 110 to trigger a breakout.
