Solana and Cardano: Solana retreats below the 100.00 level
The price of Solana is moving away slowly from last year’s high at 125.97 level.
The price of Cardano followed the movement of other cryptocurrencies yesterday.
Solana chart analysis
The price of Solana is moving away slowly from last year’s high at 125.97 level. This week, we managed to jump to the 117.00 level. We stopped there and started a pullback. Yesterday, we fell below the 100.00 level and stopped at the 85.50 support level. The bearish impulse was short-lived, and we recovered to the 96.00 level. Since then, we have been moving in the 96.00-102.00 range.
We are currently close to the bottom level but remain stable within this range. With a break below, we can think about a bearish option and the formation of a new daily low. Potential lower targets are 94.00 and 92.00 levels. We need a positive consolidation and a break above the 102.00 resistance level for a bullish option. Then, the price would have to hold above to maintain a good position before continuing to the bullish side. Potential higher targets are 104.00 and 106.00 levels. The EMA50 moving average is in the zone around 104.00, and it could be a problem for us.
Cardano chart analysis
The price of Cardano followed the movement of other cryptocurrencies yesterday. This led to a pullback to the 0.500 level from the 0.600 level. We are gaining support and moving above the 0.540 level. After that, the price consolidates slightly, recovering to the 0.570 level. We need a continuation of this consolidation in order to go up and reduce yesterday’s losses. Potential higher targets are 0.580 and 0.600 levels.
We have additional pressure in the zone around the 0.600 level in the EMA50 moving average. We need a negative consolidation and a drop to the 0.540 support level for a bearish scenario. Slipping below it intensifies the bearish pressure and affects further withdrawal and testing of lower support levels. Potential lower targets are 0.520 and 0.500 levels.
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