Solana and Cardano: Solana dropped to Friday’s support

• Today, the price of Solana retreated to the $142.73 level, Friday’s low
• Yesterday, the price of Cardano failed to sustain at the 0.365 level, resulting in a strong bearish impulse

Solana chart analysis

Today, the price of Solana retreated to the $142.73 level, Friday’s low. This time, we also got support, and we expect further price recovery by the end of the day. We are currently at $146.20 and expect further momentum above the $148.00 level. With that step, the price would move away from the previous low and strengthen the optimism for progress to the bullish side. Potential higher targets are the $150.00 and $152.00 levels.

Additional resistance for Solana is the EMA 200 moving average in the $152.00 zone. For a bearish option, we need a negative consolidation and a price drop to the $142.00 level. We are close to slipping to a new weekly low and confirming the continuation to the bearish side. Potential lower targets are the $140.00 and $138.00 levels.

Cardano chart analysis

Yesterday, the price of Cardano failed to sustain at the 0.365 level, resulting in a strong bearish impulse. The price retreated to 0.342, forming a new weekly low there. Further pullback was stopped, and we were able to stabilize and recover to the 0.355 resistance level. We need a new impulse to jump over that resistance and start a more concrete bullish consolidation.

Potential higher targets are the 0.360 and 0.365 levels. For a bearish option, we need a negative Cardano consolidation below the 0.345 level. With those steps, the price will again have to tessellate the previous low. This time, we could see a breakout below and the creation of a new low. This will confirm the continuation of the bearish side and the weakness of the Cardano price. Potential lower targets are the 0.340 and 0.335 levels.

The post Solana and Cardano: Solana dropped to Friday’s support appeared first on FinanceBrokerage.