Solana and Cardano: Solana dropped to Friday’s support
Today, the price of Solana retreated to the $142.73 level, Friday’s low
Yesterday, the price of Cardano failed to sustain at the 0.365 level, resulting in a strong bearish impulse
Solana chart analysis
Today, the price of Solana retreated to the $142.73 level, Friday’s low. This time, we also got support, and we expect further price recovery by the end of the day. We are currently at $146.20 and expect further momentum above the $148.00 level. With that step, the price would move away from the previous low and strengthen the optimism for progress to the bullish side. Potential higher targets are the $150.00 and $152.00 levels.
Additional resistance for Solana is the EMA 200 moving average in the $152.00 zone. For a bearish option, we need a negative consolidation and a price drop to the $142.00 level. We are close to slipping to a new weekly low and confirming the continuation to the bearish side. Potential lower targets are the $140.00 and $138.00 levels.
Cardano chart analysis
Yesterday, the price of Cardano failed to sustain at the 0.365 level, resulting in a strong bearish impulse. The price retreated to 0.342, forming a new weekly low there. Further pullback was stopped, and we were able to stabilize and recover to the 0.355 resistance level. We need a new impulse to jump over that resistance and start a more concrete bullish consolidation.
Potential higher targets are the 0.360 and 0.365 levels. For a bearish option, we need a negative Cardano consolidation below the 0.345 level. With those steps, the price will again have to tessellate the previous low. This time, we could see a breakout below and the creation of a new low. This will confirm the continuation of the bearish side and the weakness of the Cardano price. Potential lower targets are the 0.340 and 0.335 levels.
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