Solana and Cardano: Cardano is making a move below 0.600

• The price of Solana dropped to $168.89 yesterday.
• Cardano’s price climbed to a new weekly high yesterday at 0.624. 

Solana chart analysis

The price of Solana dropped to $168.89 yesterday. Strong bearish pressure pushed the price down to a new weekly low. Potential support at the $175.00 level did not hold; we saw a break below. This morning, we again fell below $170.00, stopping at the $169.00 level. After that, a new recovery attempt was stopped at the $173.50 level. We are again looking at bearish impulse and pressure at the $170.00 level.

If we do not get support here, the price of Solana could slide to a new lower low. Potential lower targets are $168.00 and $167.00 levels. We need a positive consolidation and price movement above the $174.00 level for a bullish option. There we have a chance to form a bottom from which we start further initiating a positive consolidation and recovery of the Solana price. Potential higher targets are $175.00 and $176.00 levels.

Cardano chart analysis

Cardano’s price climbed to a new weekly high yesterday at 0.624. After that we stopped there and began to retreat from there. In the next couple of hours, we went down to 0.600 and the EMA200 moving average. The price did not manage to hold above but instead fell below. This led to a new low this morning at the 0.575 level. For now, we are holding above and have recovered to the 0.590 level.

The new resistance in that zone did not allow us to continue, and we are looking at a pullback again, currently at the 0.580 level. This bearish pressure could push the price of Cardano below the previous low, thus forming a new weekly low. Potential lower targets are 0.570 and 0.565 levels. We need a positive consolidation and a return above the 0.590 level for a bullish option. With that, we move away from the previous low, and it will be easier for us to move to the bullish side. Potential higher targets are 0.595 and 0.600 levels.