“Choppy Price Action”

1-Hour Analysis

Big Picture: As expected SOL reached major confluence based support region and produced a bounce which is likely to continue further. This bounce can re-test the Supply Zone at 110-115 in-coming days. However the price action could be choppy in nature.

On Downside 87 is 1-H based Range Bottom, followed by 80 as Daily Support level which is likely to hold on Daily closing basis. However on back of volatility today re-test of 80 once more cannot be ruled out.

On Upside 97-99 level is capping the upside as EMA 100 hourly is present here followed by 1-H range mid-point. Further consolidation above 87 could fuel the upside further towards 104 followed by 110-115.