Solana and Cardano: Solana rises to the $158.00 level
The price of Solana has been in a stable bullish consolidation since the beginning of May.
Last week’s low price Cardano was formed on Wednesday at the 0.418 level.
Solana chart analysis
The price of Solana has been in a stable bullish consolidation since the beginning of May. Last Wednesday, we fell to the $118.68 level, a new low. After that we see a positive consolidation and recovery above the $130.00 level. With new support at that level, we initiated a recovery that continued over the weekend. There, we got support at $142.00, and this week, we continued all the way to the $158.00 level.
We are currently in the $157.00 zone, holding high and close to the weekly high. Potential higher targets are $160.00 and $162.00 levels. We need a negative consolidation and pullback below the $150.00 level for a bearish option. With that step, we fall below the EMA50 moving average, which could trigger a stronger bearish consolidation below. Potential lower targets are $147.50 and $145.00 levels.
Cardano chart analysis
Last week’s low price Cardano was formed on Wednesday at the 0.418 level. After receiving new support, a positive consolidation up to the 0.476 level was initiated. A new high was formed on Saturday, after which the price retreated to support at the 0.450 level. Yesterday, we saw a new bullish attempt but stopped at the same level as on Saturday. This led to the initiation of a new bearish consolidation and a break through support at 0.450.
The pressure on the price of Cardana increased with the drop below the EMA200 moving average, and the price fell to a new low at the 0.445 level. For now, we are successfully holding above and recovering to the 0.455 level. We need another impulse to 0.460 and EMA200. If we get hold of them, we could make a break above and return to the positive side. Potential higher targets are 0.465 and 0.470 levels.
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