Day Analysis

SOL under immense bearish pressure and has broken the previous demand box with quiet ease. However now the confluence area of the previous ATH breakout is approaching, expect aggressive short coverings and relief.

On Downside 80 and 65 are very strong supports which will likely react. It is advised to close your shorts slowly at these levels and look to start building scalps and micro positions.

On Upside 100 level will act as initial resistance. Bulls need to stronghold above this level in-order to pave path for 115-130 next. However if we observe an deviation below followed by consolidation above 80$ that would signal towards a much stronger relief rally for SOL.