Solana and Cardano: Solana retreats to the 19.70 level
- Yesterday’s bullish trend in the price of Solana was stopped at the 20.60 level.
- Cardano’s price rose to 0.259 this morning, forming a new high.
Solana chart analysis
Yesterday’s bullish trend in the price of Solana was stopped at the 20.60 level. From there, we started to pull back, and the price fell below 20.00 this morning, forming a low at the 19.70 level. We are now consolidating above there and have stopped the previous decline. We need a positive consolidation in order to return to the 20.00 level again.
Additional resistance at that level is now at the EMA50 moving average, and we need a break above for further recovery. Potential higher targets are the 20.20 and 20.40 levels, as well as the 20.60 previous high.
We need a negative consolidation and a price drop below the 19.60 level for a bearish option. After that, we could expect to see a further weakening of the entire Solana. Potential lower targets are 19.40 and 19.20 levels.
Cardano chart analysis
Cardano’s price rose to 0.259 this morning, forming a new high. We fail to stay up there and soon see a pullback to the 0.255 support level. We need a new positive consolidation and a new close to the 0.260 level. There, we would receive support in the EMA50 moving average, which would increase our optimism for further recovery. Potential higher targets are 0.262 and 0.264 levels.
We need a negative consolidation and price pullback below the 0.255 level for a bearish option. After that, we enter bearish territory, which could send the price to even lower levels. Potential lower targets are the 0.252 and 0.250 levels.
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