Solana and Cardano: New Lows and Targets for Today
Last night, the price of Solana retreated to $138.55, a new weekly low
The new weekly low price of Cardano was formed last night at the 0.336 level
Solana chart analysis
Last night, the price of Solana retreated to $138.55, a new weekly low. We are under bearish pressure until the beginning of this week after failing to move above $160.00. The price quickly finds new support at the new low and returns above $140.00. We were able to rally to $143.00 today, but for now, we don’t have the momentum to continue above. This led to a slight pullback to new support at $141.00.
If this support is sufficient, Solana could initiate a bullish consolidation. Potential higher targets are $144.00 and $146.00 levels. For a bearish option, we need a negative consolidation below the $140.00 level. With that step, we descend to test the weekly low and confirm the bearish pressure. The inability of Solana to hold there will increase the momentum to continue to the bearish side. Potential lower targets are $138.00 and $136.00 levels.
Cardano chart analysis
The new weekly low price of Cardano was formed last night at the 0.336 level. After that, the price stopped further retreat and began to recover. This morning, we saw a bullish consolidation and a return to the 0.350 level. Today’s trend looks stable, and we can expect further progress on the bullish side. Potential higher targets are 0.355 and 0.360 levels.
At 0.355, we find support in the EMA 50 moving average for a continuation of the bullish side. For a bearish option, we need a negative consolidation and a return of Cardano back below the 0.340 level. With that move, we move back into last night’s support zone. This time, we need a break below for further bearish consolidation. Potential lower targets are 0.335 and 0.330 levels.
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