Solana and Cardano: Cardano triggers bearish consolidation
- On Friday, after a long time, Solana’s price managed to move and stabilize above the $144.00 level
- On Saturday, the price of Cardano rose to the 0.402 level, where we formed last week’s high
Solana chart analysis
On Friday, after a long time, Solana’s price managed to move and stabilize above the $144.00 level. After that, we saw the start of a strong bullish consolidation and a jump on Saturday to the $162.36 level. Here, we have formed a two-week high, and for now, there is resistance to further continuation on the bullish side. From Sunday to today, the price is moving in a sideways consolidation in the $156.00-$162.00 range.
Currently, Solana is putting pressure on the lower level of this range and could make a breakout below to a new weekly low. Potential lower targets are $154.00 and $152.00 levels. The EMA 50 moving average is in a bearish position, which increases the negative pressure on the price. For a bullish option, we need a positive consolidation and a jump in the price of Solana above the $160.00 level. Then we would have to hold our own up there. After that, we can expect further growth on the bullish side. Potential higher targets are $162.00 and $164.00 levels.
Cardano chart analysis
On Saturday, the price of Cardano rose to the 0.402 level, where we formed last week’s high. After that, the price quickly began to lose momentum and initiated a pullback on Sunday. We tried to stabilize around the 0.385 level, but Monday’s Cardano pressure was heavy, pushing it down. Last night, we broke the support of the EMA 200 moving average, which further strengthened the bearish momentum.
A new weekly low was formed at the 0.360 level, and everything indicates that we will continue the retreat. Potential lower targets are 0.355 and 0.3500 levels. For a bullish option, we need a return of the Cardano price above 0.370 and the EMa 200 moving average. With the moving average’s support, the chances of a continuation to the bullish side are increasing. Potential higher targets are 0.375 and 0.380 levels.
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