Solana and Cardano: Solana continues up above $150.00
Early this morning, the price of Solana jumped to $155.00, forming a new high.
During the weekend, the Cardano price retreated from 0.745 to 0.700 levels.
Solana chart analysis
Early this morning, the price of Solana jumped to the $155.00 level, forming a new high there. We made a short pullback from that level to the $148.00 level. This bearish pressure could cause us to slide even lower to the EMA200 moving average at the $140.00 level. There, we would be in an ideal position for new support, from which we would initiate the next positive consolidation. After that, we are on our way again to visit this week’s high.
If we slip below Solana, it will be under more bearish pressure to start a further retreat. The first lower support is yesterday’s low at the $137.50 level. By falling below that level, we will slide to a new weekly low and strengthen the bearish momentum on the weakened price of Solana. Potential lower targets are the $135.00 and $132.50 levels.
Cardano chart analysis
During the weekend, the Cardano price retreated from 0.745 to 0.700 levels. Starting on Monday, we slipped even lower to the 0.686 level and formed a new weekly low there. With the new support, we initiated a bullish consolidation and climbed above 0.730 and the EMA200 moving average. With the new support, the price continued to rise and climbed to the 0.788 level last night.
Today, we are seeing a pullback and decline in the price of Cardano to the 0.740 level. We have wiped out a good portion of yesterday’s gains. We are now looking at 0.7300 and the EMA200 moving average. We expect to descend into that zone soon and test it. If we fail to hold above, a drop below to a new daily low will follow. This is when we get confirmation that the price is under pressure and that a continuation to the bearish side will follow. Potential lower targets are 0.720 and 0.710 levels.
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