Solana and Cardano: Solana is in a pullback to the 52.00
- On Saturday, the price of Solana rose to 63.98 levels, forming a new high this year.
- Over the weekend, the price of Cardano climbed to the 0.395 level.
Solana chart analysis
On Saturday, the price of Solana rose to 63.98 levels, forming a new high this year. There has been saturation in that zone, and the price is starting to retreat first to the 55.00 level. We managed to stay above that level for a while, but yesterday, we saw a break below and a drop to the 51.60 level this morning. We succeeded there in stopping the price decline and starting a bullish consolidation. Additional support in that zone is provided by the EMA50 moving average.
Today’s consolidation takes us back above the 55.00 level, and we now expect to hold above there to begin further recovery. Potential higher targets are 56.00 and 58.00 levels. We need a negative consolidation and pullback to the 52.00 support level for a bearish option. A breakout below us pushes to the EMA50, which could lead to a pullback below it and the formation of a new low. Potential lower targets are 50.00 and 48.00 levels.
Cardano chart analysis
Over the weekend, the price of Cardano climbed to the 0.395 level. At that point, we encounter resistance and start a bearish consolidation. The price decline lasted until this morning when we stopped at the 0.350 level. There, we managed to form a bottom and start a bullish consolidation up to the 0.370 level. It is also positive that we have returned above the EMA50 moving average, which should influence the price to start a further recovery. Potential higher targets are 0.375 and 0.380 levels.
A negative consolidation and pullback below the EMA50 moving average are needed for a bearish option. After that, we would be on our way to revisit this morning’s support at the 0.350 level. A break below would definitely confirm the bearish momentum, and we would see a continuation of the Cardano price decline. Potential lower targets are 0.345 and 0.340 levels.
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