Solana and Cardano: Solana fell below $80.00 yesterday
- The price of Solana fell below $80.00 yesterday, forming a low at the $78.14 level.
- This week’s new low for the Cardano price was formed at the 0.448 level.
Solana chart analysis
The price of Solana fell below $80.00 yesterday, forming a low at the $78.14 level. We stopped at that level and started a bullish consolidation that continues today. First, we saw a rise to $84.00, then a pullback to a higher low at the $80.40 level. A new bullish impulse pushed the price to $85.80; thus, we are back above the $85.00 level. Today’s high is $87.34, and the price has slightly retreated to $86.57.
We need the formation of a new higher low on the chart to continue the recovery of Solana. Potential higher targets are $88.00 and $90.00 levels. We need a negative consolidation and a return to support for a bearish option at $84.00. A fall below this level would mean the price is moving to the bearish side, and we are looking at its retreat. Potential lower targets are $82.00 and $80.00 levels.
Cardano chart analysis
This week’s new low for the Cardano price was formed at the 0.448 level. This was followed by bullish consolidation and price stabilization above the 0.460 level. We climbed up to the 0.480 level this morning but encountered resistance there, which took us back to the 0.465 support level. From there, we move into a new recovery and approach this morning’s high again. This attempt could bring a breakthrough above and the formation of a new one. Potential higher targets are 0.490 and 0.500 levels.
In the zone around the 0.500 level, we encounter the EMA200 moving average, our two-week resistance line. A pullback to the support of the 0.460 level is required for a bearish option. Failure to hold above would lead to a drop below and thus confirm the bearish momentum on the chart. Potential lower targets are 0.450 and 0.440 levels.
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