Solana and Cardano: Cardano slipped below the 0.240 level

• Yesterday, we saw a pullback in the price of Solana from 24.40 to 23.20 level.
• Cardano price continues this week’s retreat, forming a new low at the 0.239 level.

Solana chart analysis

Yesterday, we saw a pullback in the price of Solana from 24.40 to 23.20 level. At that level, the price receives support and initiates a bullish consolidation up to the 23.90 level. We now expect to see a continuation of the bullish consolidation and a break above the 24.00 level.

If we managed to climb above, we would have good momentum to continue towards the pre-those resistance zone around the 24.40 level. Potential higher targets are 24.60 and 24.80 levels.

We need a negative consolidation and pullback towards this morning’s support at the 23.20 level for a bearish option. A break below could take us down to the 23.00 level. Additional support in this zone is in the EMA50 moving average. If we don’t have the ability to hold above, it will lead to a breakout below and the formation of a new lower low. Potential lower targets are 22.80 and 22.60 levels.

 

Cardano chart analysis

Cardano price continues this week’s retreat, forming a new low at the 0.239 level. We get support down there and see a bullish recovery to the 0.243 level. For now, we have resistance in that zone, and the price is pulling back to 0.241, putting pressure on the 0.240 level. A new breakout below would influence the formation of a lower low and thus confirm the bearish side. Potential lower targets are 0.238 and 0.237 levels.

We need a positive consolidation and a jump to the 0.245 level for a bullish option. With such a move, we would move away from the unpleasant zone, and it would be easier for us to move to the bullish side. Potential higher targets are 0.246 and 0.247 levels. We will have additional resistance in the zone around the 0.247 level in the EMA50 moving average.