Solana and Cardano: Solana is waiting for a new impulse
The price of Solana made a pullback yesterday to the $154.50 level. Cardano’s price continues today with sideways movement in the 0.430-0.455 range.Solana chart analysis
The price of Solana made a pullback yesterday to the $154.50 level. After that, we saw consolidation in that zone. Then, the price starts this morning’s bullish consolidation up to $160.00. It receives support from the EMA 50 moving average and has the opportunity to start a continuation to the bullish side. Above $160.00, the bullish momentum is increasing, and we can hope to climb to higher levels. Potential higher targets are $162.00 and $164.00 levels.
For a bearish option, we need to see a pullback down to the $154.00 level. Thus, Solana’s price will fall below the daily open price. After that, we can expect an increase in bearish pressure and the formation of a new lower low. Potential lower targets are the $152.00 and $150.00 levels. The EMA 200 moving average provides additional price support in the $150.00 zone.
Cardano chart analysis
Cardano’s price continues today with sideways movement in the 0.430-0.455 range. Today’s bullish attempt was stopped at the 0.450 level. After the resistance at that level, we see a price pullback to the 0.440 level. Here, we test the EMA 50 moving average. If the price manages to hold above the moving average, it will be able to initiate a new positive consolidation.
Potential higher targets are 0.455 and 0.460 levels. For a bearish option, we need a negative consolidation and a pullback of the Cardano price down to the 0.435 support level. If we happen to see an impulse below, we will form a new daily low and thus confirm the price’s weakness. At 0.432, Cardano could find support at the weekly open price. With the increase in bearish momentum, the price should initiate a further pullback. Potential lower targets are 0.430 and 0.425 levels.
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