Solana and Cardano: Solana manages to stop the retreat
On Monday, we witnessed a drop in the price of Solana to the $110.00 level. The price of Cardano fell to a new low yesterday at the 0.277 level.Solana chart analysis
On Monday, we witnessed a drop in the price of Solana to the $110.00 level. In just a week, the price plummeted from $193.89 to $110.00, marking a significant 43% loss. However, the decline was halted at this point, and a bullish consolidation back to the $130.00 level was initiated. This morning, we found new support there and began to see growth above the $140.00 level. We are now back above the weekly open price on the positive side, with strong support in the EMA 50 moving average, providing a reassuring sign for investors.
The Solana price is now in a promising position, poised for a bullish consolidation and potential recovery. The $150.00 and $160.00 levels are within reach, with the EMA 200 moving average providing significant resistance in the $150.00 zone. With this support, Solana could potentially erase the recent seven-day loss, offering a glimmer of hope for investors.
Cardano chart analysis
The price of Cardano fell to a new low yesterday at the 0.277 level. The last time we were at this level was in October 2023. The price stabilized in the support zone and started a recovery. This morning, we saw new support at 0.310, after which a bullish consolidation to the 0.335 level was initiated. The EMA 50 moving average currently supports us, and the price could continue to rise further on the bullish side.
Potential higher targets are 0.340 and 0.360 levels. We will have additional pressure on the price of Cardano in the EMA 200 moving average at the 0.365 level. For a bearish option, we need a negative consolidation and a drop below the EMA 50 moving average. This will increase the pressure on the price to continue its retreat. Potential lower targets are 0.300 and 0.280 levels.
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