Solana and Cardano: Solana under pressure at 19.40
- We are testing support at the 19.40 level for the third day in a row.
- Yesterday’s Cardan price support at 0.3700 did not hold, and we saw a decline below.
Solana chart analysis
We are testing support at the 19.40 level for the third day in a row. On Monday and Tuesday, we stayed at that place for a short time because a bullish impulse followed, while today’s consolidation is still taking place at the support level.
Increased pressure on the price of Solana could push the price down. Potential lower targets are 19.20 and 19.00 levels. We need a new positive consolidation and a move above the 19.60 level for a bullish option. Then we would have to stay above if we want to see the recovery continue. Potential higher targets are 19.80 and 20.00 levels.
Cardano chart analysis
Yesterday’s Cardan price support at 0.3700 did not hold, and we saw a decline below. The pullback was stopped at the 3,620 level, after which we started a recovery. The price managed to reach the 0.3700 level at one point but retreated again to 0.3660. Additional resistance from the upside is in the EMA50 moving average, which could make it difficult to continue the recovery.
That would lead us to a new test of this morning’s low, and we might see a breakout below. Potential lower targets are 0.3600 and 0.3580 levels. We need a positive consolidation and a return above the 0.3720 level for a bullish option. After that, we could expect further progress to the bullish side.
