Solana and Cardano: Solana falls below the 100.00 level
- The price of Solana managed to climb up to 104.00 levels yesterday.
- Cardano’s price was in retreat yesterday from 0.545 to 0.500 levels.
Solana chart analysis
The price of Solana managed to climb up to 104.00 levels yesterday. We stayed up there briefly, and the price started a pullback to the 96.00 level. We are getting new support there, but the recovery is short, only up to the 100.00 level. Additional pressure in that zone creates the EMA50 moving average, which could influence us to see a continued pullback below support at 96.00. Potential lower targets are 94.00 and 92.00 levels.
If we want to go back to the bullish side, we need to break above the EMA50 and 100.00 level. Then, we need to hold up there to wait for the next bullish impulse to trigger a recovery. We get support in EMA50, and potential higher targets are 104.00 and 106.00.
Cardano chart analysis
Cardano’s price was in retreat yesterday from 0.545 to 0.500 levels. Today, we are moving in the 0.500-0.520 range. The range of motion is narrow, so it could soon produce a strong impulse to one side. Since the bearish pressure is more dominant, there is a higher chance of seeing a break below the support level. Potential lower targets are 0.480 and 0.460 levels. We cannot rule out the potential formation of this year’s new low.
We need a positive consolidation and a return to the 0.540 level for a bullish option. There, we would retest the EMA50 moving average in hopes of seeing a break above and the formation of a new high for the week. Potential higher targets are 0.550 and 0.560 levels. We need a better consolidation above the moving average if we want to continue with a stronger bullish trend.
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