Solana and Cardano: Solana is stable on the bullish side
- The price of Solana retreated to the $143.00 level last night.
- The price of Cardano continues its bullish consolidation today, rising again to the 0.340 level.
Solana chart analysis
The price of Solana retreated to the $143.00 level last night. After this morning’s consolidation in that range, we received additional support in the EMA 50 moving average. After the stabilization of the price, we saw a bullish impulse and growth to a new weekly high at the $156.34 level. This has resulted in us now being above the EMA 200 moving average and having its support.
Solana successfully held above the new support, and we are waiting for the next impulse to start the bullish continuation. Potential higher targets are the $160.00 and $165.00 levels. For a bearish option, we need the initiation of a negative consolidation and a return to this morning’s support at the $144.00 level. With new pressure in that zone, Solana would be forced to make a step below to a new daily low. Potential lower targets are the $140.00 and $135.00 levels.
Cardano chart analysis
The price of Cardano continues its bullish consolidation today, rising again to the 0.340 level. We still have resistance in the military zone, but that’s why we have the support of the EMA 50 moving average. There is a good chance that we will see the initiation of bullish consolidation from the current level and try to attack the 0.340 level again.
Potential higher targets are 0.350 and 0.360 levels. In the 0.350 zone, we encounter the EMA 200 moving average, which could be an obstacle for us to continue on the bullish side. For a bearish option, we need a negative consolidation of the Cardano price and a pullback to the 0.320 level. With that step, we will go below the daily open price and form a new low. This proves the weakness of the price, and further pullbacks follow. Potential lower targets are 0.310 and 0.300 levels.
The post Solana and Cardano: Solana is stable on the bullish side appeared first on FinanceBrokerage.
