Solana and Cardano: Solana remains above new support
- Yesterday, the price of Solana rose to $135.00, forming a new daily low
- The price of Cardana managed to initiate a bullish consolidation after yesterday’s drop to the weekly low
Solana chart analysis
Yesterday, the price of Solana rose to $135.00, forming a new daily low. After that, momentum reduced in that zone, and the price went into a lateral consolidation in the $131.00-$135.00 range. On the downside, we get support from the EMA 50 moving average. This gives us enough stability to continue on the bullish side. Potential higher targets are the $136.00 and $138.00 levels.
Solana will have additional price resistance in the EMA 200 moving average at $136.00. For a bearish option, we need a negative consolidation and price pullback below the $130.00 level. With that step, we will be forced to continue towards the weekly open price. The new pressure in that zone will influence us to fall below and form a new daily low. Potential lower targets are $128.00 and $126.00 levels.
Cardano chart analysis
The price of Cardana managed to initiate a bullish consolidation after yesterday’s drop to the weekly low. A new high was formed at the 0.330 level. We then stopped there and started a pullback to new support at 0.320. After that, the current bullish consolidation was initiated, and the rise above 0.325 and the EMA 50 moving average was initiated. With this support, Cardano could boost the recovery to the bullish side. Potential higher targets are the 0.330 and 0.335 levels.
The EMA 200 moving average is waiting for us in the 0.335 zone. For a bearish option, we need a negative consolidation and price pullback below the 0.320 level. With that step, Cardano moves to a new daily low and confirms that it is under pressure. Potential lower targets are 0.315 and 0.310 levels.
