Solana and Cardano: Solana drops to the 20.60 support level
- This morning we saw a pullback in the price of Solana from 21.40 to the 20.50 level.
- The price of Cardana has been in bearish consolidation for three consecutive days.
Solana chart analysis
This morning we saw a pullback in the price of Solana from 21.40 to the 20.50 level. A strong bearish impulse pulled the price down. The pressure on the price is still there, and a further price break below could happen. Potential lower targets are 20.40 and 20.20 levels.
Additional support at 20.40 Solana could be found in the EMA50 moving average. We need a positive consolidation and stabilization above the 20.80 level for a bullish option. After that, we could expect to see a possible recovery and growth to previous higher levels. Potential higher targets are 21.00 and 21.20 levels.
Cardano chart analysis
The price of Cardana has been in bearish consolidation for three consecutive days. This week’s low was formed at the 0.3730 level. It is positive that we have now reached the zone of the EMA50 moving average, which could provide support. If it fails to do so, the price will continue to pull back and form a new low.
Potential lower targets are 0.3700 and 0.3650 levels. We need positive consolidation and a rise to the 0.3800 level for the bullish option. After that, we need to hold on to that point so that we can start a further price recovery with the next impulse. Potential higher targets are 0.3850 and 0.3865 levels.