4-Hour Analysis:
Big Picture: As it continues to progress in a slower trend, Sol is beginning to exhibit some encouraging developments once more. A falling wedge pattern is now forming, which will remain a positive price pattern after it breaks out to the upside. Furthermore, the volume for Sol is increasing dramatically on a daily basis, indicating that interest is beginning to revive. Now, Sol must break above the 45-47 zone in order to revert the short-term trend back towards bullish.
On the Upside the initial resistance is at 41, followed by the 4-hour EMA-100, which is now at 45.40. This EMA has not been tested in over a month. As a result, this is likely to be a major barrier in the coming. Following that, we have significant horizontal resistance around 45-47, which must be regained and flipped to support for any sustainable upside. Successfully regaining this level is expected to open the door to additional upside for Sol, initially towards 58 followed by potentially towards 70-72.
On the Downside At 39-37.40, Sol still has excellent intraday support. This area is expected to provide excellent demand-based support. However, a break below 37.40 is expected to expose price towards falling channel support around 35.50 once more.
