Solana and Cardano: Solana is looking for support at 102.00
- The price of Solana took a bearish step below the $110.00 level yesterday.
- Today, we saw a pullback in the price of Cardano to the 0.581 level.
Solana chart analysis
The price of Solana took a bearish step below the $110.00 level yesterday. Additional pressure on the price in that zone was created by the EMA200 moving average, which caused the price to retreat to the $104.00 level. The first weekly low was formed there, and we then started to grow to $109.70, where we stopped. Solana loses strength again and starts a new bearish consolidation, breaking yesterday’s low. Formrian is new at the $10.29 level.
Increased bearish momentum could easily push the price below, and potential lower targets are the $102.00 and $101.00 levels. In order to return to the bearish side, we need a return to the $105.00 level first. Then we have to hold on there and start a bullish consolidation from there for further recovery. Potential higher targets are $106.00 and $107.00 levels.
Cardano chart analysis
Today, we saw a pullback in the price of Cardano to the 0.581 level. Yesterday’s price consolidation above the 0.620 level failed to hold, and a drop below followed. We found support at the 0.600 level with the EMA200 moving average. Then we see a resistance up to 0.630 level, but there we encounter a new resistance and turn again to the bearish side. Today’s picture is pure bearish. The price breaks the 0.600 level and falls below the EMA200 moving average.
If we don’t get back above soon, the decline and the formation of this week’s low will continue. Potential lower targets are 0.580 and 0.560 levels. For a bullish option, we need a return above the 0.600 level. After forming a bottom at that level, we can expect further growth of the Cardano price. Potential higher targets are 0.610 and 0.620 levels.
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