Solana and Cardano: Solana with support at 102.00 level
- The price of Solana yesterday retreated to the 102.00 level.
- Cardano’s price yesterday made a bearish impulse up to the 0.563 level.
Solana chart analysis
The price of Solana yesterday retreated to the 102.00 level. In a way, we tested the EMA50 moving average there, which gave us support. We quickly climbed to the 108.00 level and, from there, started a positive rally to the 114.00 level where we are now. With the current bullish consolidation, we could continue the recovery and return to yesterday’s levels. Potential higher targets are 120.00 and 124.00 levels.
We need a negative consolidation and a new decline to the previous support at the 102.00 level for a bearish option. We could again test the support in the EMA50 moving average. A breakout below tells us that the price has no strength for further recovery and makes a fall the only option. Potential lower targets are 100.00 and 96.00 levels.
Cardano chart analysis
Cardano’s price yesterday made a bearish impulse up to the 0.563 level. The hold down there was very short, and we quickly returned to the 0.590 level. After that, we also get support there and start to recover to the 0.615 level. That is today’s high where we stop for now and try to consolidate there. With the new support, we would start a further recovery, and the potential higher targets are the 0.625 and 0.630 levels.
We need a negative consolidation and pullback to the 0.600 level for a bearish option. This would cause us to fall below the EMA50 moving average, which would increase the pressure on the price of Cardano. We would be facing down again, and the price could easily slip. Potential lower targets are 0.590 and 0.580 levels.
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