Solana and Cardano: Solana is testing the 60.00 level
- The price of Solana is currently very close to reaching the 60.00 level.
- Cardano price continues its pullback since Saturday, forming a new low at the 0.341 level yesterday.
Solana chart analysis
The price of Solana is currently very close to reaching the 60.00 level. On Monday, we saw a pullback to the 51.30 level, where we stopped and moved into a bullish consolidation from there. We had the first resistance at the 58.00 level, and this morning, we saw a breakthrough above it and a jump to the current level. We need a break above the 60.00 level so that we can proceed to further growth on the bullish side.
Potential higher targets are 62.00 and 64.00 levels. We need a negative consolidation and a drop below the 56.00 support level for a bearish option. Thus, we would have the opportunity to form a new today’s low price, confirming the increase in bearish pressure at Solana price. Potential lower targets are 54.00 and 52.00 levels. Additional support for the price in the zone around 52.00 was the EMA50 moving average.
Cardano chart analysis
Cardano price continues its pullback since Saturday, forming a new low at the 0.341 level yesterday. We managed to get support at that level and start a bullish consolidation up to the 0.360 level. After that, the price consolidated there, and with a new impulse, we started to continue the recovery above the EMA50 and 0.365 levels. Now, we need to hold up there in order to initiate a further recovery in the price of Cardano from there.
Potential higher targets are 0.370 and 0.375 levels. We need a negative consolidation and a drop to the 0.350 support level for a bearish option. A break below puts more pressure on the price, after which we expect to see a decline to lower support levels. Potential lower targets are 0.345 and 0.340 levels.
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