Solana and Cardano: Solana again at the weekly open price
- The price of Solana stopped yesterday at the $152.20 level
- The price of Cardano rose to the 0.346 level yesterday, forming a new weekly high there
Solana chart analysis
The price of Solana stopped yesterday at the $152.20 level. In that zone, the price suddenly loses momentum and begins to retreat below the EMA 200 moving average. The inability to stop the pullback led to a descent today to a new weekly low at the $140.95 level. For now, Solana managed to stay above the weekly open price and recover to the $143.00 level. If we continue above $144.00, we will move above the daily open price, which could be positive for starting a new bullish consolidation.
Potential higher targets are $146.00 and $148.00 levels. In the $148.00 zone, we will have to test the EMA 200 moving average again. For a bearish option, we need a pullback below the $141.00 level. This will threaten this morning’s low. Chances are growing that we will go down to a new weekly low and extend the bearish option. Potential lower targets are $140.00 and $138.00 levels.
Cardano chart analysis
The price of Cardano rose to the 0.346 level yesterday, forming a new weekly high there. After that, we saw a strong bearish impulse to the 0.331 level. However, the price was under strong pressure from the EMA 200 moving average and did not hold, leading to bearish consolidations and pullbacks. Today’s movement takes place in the 0.334-0.340 range. Cardano is trying to go back to EMA 200 again and test that level.
Potential higher targets are 0.344 and 0.346 levels. For a bearish option, we need a negative consolidation and a move down to 0.332. With that step, we return to test yesterday’s low. Potential lower targets are 0.330 and 0.328 levels. We expect greater support at the 0.328 weekly open price.
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