Solana and Cardano: Solana continues to rise to 33.90
- Yesterday, we saw the formation of a new monthly high price of Solane at the 33.90 level.
- Today, the Cardano price jumped to a new three-month high at 0.298.
Solana chart analysis
Yesterday, we saw the formation of a new monthly high price of Solane at the 33.90 level. After that, the price begins to retreat, gaining support at the 32.00 level. We saw another attempt at recovery, but it was stopped at the 33.00 level. After that, we started a new pullback and are now close to the 32.00 level again. A renewed push could lead to a breakout below and the formation of today’s new low. Potential lower targets are 31.00 and 30.00 levels.
Solana could receive additional price support in the EMA50 moving average at the 29.00 level. We need a positive consolidation and a push above the 33.00 level for a bullish option. Then we would have to hold our own up there. We could continue to the bullish side after forming that bottom at that level. Potential higher targets are 34.00 and 35.00 levels.
Cardano chart analysis
Today, the Cardano price jumped to a new three-month high at 0.298. The price stops at that point and makes a pullback to the 0.292 level. We could say that we are testing the support at the 0.290 level. If we manage to hold above that support, price growth is the expected sequence of events. Potential higher targets are 0.300 and 0.305 levels.
We need a negative consolidation and pullback below the 0.290 support level for a bearish option. This would lead to a drop below today’s support line and the formation of a new low. It would also increase the pressure on the price to continue its further decline to lower levels. Potential lower targets are 0.285 and 0.280 levels. The EMA50 moving average is located in the zone around the 0.270 level.
