Solana and Cardano: Solana continues to rise above 32.00

The price of Solana continues with the previous bullish consolidation, forming a new high this morning at the 32.69 level. Cardano’s price jumps to a new three-month high at the 0.290 level.

Solana chart analysis

The price of Solana continues with the previous bullish consolidation, forming a new high this morning at the 32.69 level. The previous time we were at that level was in November last year. From this level, we now see a pullback to the 31.00 support level. We managed to get support at that level and start a positive consolidation, and now we are at the 31.50 level. Potential higher targets are 32.00 and 33.00 levels.

We need a negative consolidation and a drop below the support at the 31.00 level for a bearish option. A break below would indicate that the price of Solana does not have the strength for further growth and that we will see a pullback to the bearish side. Potential lower targets are 29.00 and 28.00 levels.

Cardano chart analysis

Cardano’s price jumps to a new three-month high at the 0.290 level. The price encounters resistance in that zone and begins to pull back to support at the 0.280 level. For now, we manage to gain support at that level and start a mild bullish consolidation. We need to move above the 0.285 level to take the first step towards further recovery. Potential higher targets are 0.290 and 0.295 levels.

We need a negative consolidation and a pullback to the 0.275 level for a bearish option. Thus, we would go below the support at the 0.280 level and thus confirm the increased bearish pressure. Such a scenario would lead to a price pullback and testing of previous support levels. Potential lower targets are 0.270 and 0.265 levels.

 

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