Solana and Cardano: Solana slides to the 17.50 level
- The price of Solana continues to slide lower and lower, and yesterday, we saw a drop to 17.34 levels.
- The price of Cardano fell to a new lower low yesterday at the 0.237 level.
Solana chart analysis
The price of Solana continues to slide lower and lower, and yesterday, we saw a drop to 17.34 levels. A new three-month low was formed there. After consolidation in that zone, the price starts recovering and moves up to 18.50. We now need further positive consolidation to continue with the bullish option. Potential higher targets are 19.00 and 19.50 levels. In the zone around 19.00, the price of Solana could have resistance in the EMA50 moving average.
We need a negative consolidation and a drop below the 18.00 level for a bearish option. After that, we return to the previous support zone. A price break below leads to the formation of a new low and confirmation of the bearish scenario. Potential lower targets are 17.00 and 16.50 levels.
Cardano chart analysis
The price of Cardano fell to a new lower low yesterday at the 0.237 level. The bearish trend continues after last week’s consolidation in the 0.250-0.060 range. After the formation of last night’s low, the price makes a bullish consolidation and returns to the 0.250 level. It would be preferable now to hold up there if we want to see a continuation on the bullish side.
Additional pressure is created by the EMA50 moving average in the zone around the 0.250 level. Potential higher targets are 0.255 and 0.260 levels. We need a negative consolidation and price pullback to the 0.245 level for a bearish option first. A break below would indicate a further pullback and a visit to the previous support zone. Potential lower targets are the 0.235 and 0.230 levels.