Solana and Cardano: Solana remains high above 24.00

• The price of Solana continued the previous bullish consolidation, moving in the 23.80-24.40 range.
• Cardano’s price dropped below the 0.250 level and below the EMA50 moving average yesterday.

Solana chart analysis

The price of Solana continued the previous bullish consolidation, moving in the 23.80-24.40 range. We still remain high and close to the previous resistance at the 24.60 level. This week’s high was at 24.80; if we continue with the current consolidation, we could expect a test of that level. The next important level is at 25.00.

We need a negative consolidation and a price drop below the 23.80 level for a bearish option. A break below could influence us to test yesterday’s low at the 23.60 level. And if further pressure continues, a new breakthrough and the formation of a new lower low could occur. Potential lower targets are 23.40 and 23.20 levels.

Cardano chart analysis

Cardano’s price dropped below the 0.250 level and below the EMA50 moving average yesterday. This led to the formation of this week’s low at the 0.245 level; for now, we have managed to hold above it. Cardano remains under pressure below the EMA50, which could influence us to see a continuation of the pullback and the formation of a new five-day low. Potential lower targets are 0.244 and 0.242 levels.

We need a positive consolidation and a return above the 0.250 level and the EMA50 moving average for a bullish option. Then, we would have to stay up there in order to continue the recovery from that level. Potential higher targets are 0.252 and 0.254 levels.