Solana and Cardano: Solana continues up to $160.00
Solana’s price reached the $160.00 level yesterday and thus formed a new weekly high.
The price of Cardano is in retreat after the jump yesterday to the 0.523 level.
Solana chart analysis
Solana’s price reached the $160.00 level yesterday and thus formed a new weekly high. After that, we saw a pullback down to the $154.70 support level. There, we meet the EMA50 moving average, and with its support, we initiate a new positive consolidation above the $159.00 level. We failed to reach the $160.00 level again, and the Solana price started a pullback to the $156.50 level.
We may see a test of $155.00 and the EMA50 moving average again. Potential lower targets are $154.00 and $153.00 levels. We need a positive consolidation and a new return above the $159.00 level for a bullish option. So, we will have another opportunity to test $160.00 and maybe see a break above. Potential higher targets are $161.00 and $162.00 levels.
Cardano chart analysis
The price of Cardano is in retreat after the jump yesterday to the 0.523 level. We formed a weekly high there but failed to hold it up there, and a pullback followed this morning to the 0.494 level. Cardano then recovered to the 0.500 level where it finds support from the EMA200 moving average. Now, it is important for us to maintain ourselves at this level in order to start a new positive consolidation.
Potential higher targets are 0.510 and 0.515 levels. We need negative consolidation and a drop below the 0.495 level for the bearish option. We are immediately under pressure from the EMA200 and expect a further pullback until the next better support. Potential lower targets are 0.490 and 0.485 levels.
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