Solana and Cardano: Solana is getting closer to 40.00 level
The price of Solana continues with a strong bullish consolidation up to the 39.80 level.
Cardano’s price is pulling back after forming a high yesterday at the 0.305 level.
Solana chart analysis
The price of Solana continues with a strong bullish consolidation up to the 39.80 level. We are just seeing the formation of Solana’s yearly high price, and we are very close to breaking above the 40.00 level. Now, we see a pullback to the 39.00 level, and we hope to hold above the 38.00 level in order to start a further continuation to the bullish side. Potential higher targets are 41.00 and 42.00 levels.
For a bearish option, we need a negative consolidation and a drop below the previous support at the 38.00 level. This would create a new low and confirm the bearish pressure on the price of Solana. This could influence us to start a further pullback and post the previous support levels. Potential lower targets are 37.00 and 36.00 levels.
Cardano chart analysis
Cardano’s price is pulling back after forming a high yesterday at the 0.305 level. This was followed by a bearish consolidation and price drop to the 0.285 level. We tried to initiate a bullish consolidation, but Cardano does not have the strength for such a thing. We would have to move and maintain at 0.290 level for a start. We would also get the support of the EMA50 moving average, which could positively influence us to see the launch of a bullish option.
Potential higher targets are 0.295 and 0.300 levels. For a bearish option, we need a negative consolidation and a new drop below the 0.285 level. A break below would lead to the formation of a new low. Thus, we would have confirmation of the bearish scenario. Potential lower targets are 0.280 and 0.275 levels.
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