Solana is around 60.00, while Cardano is struggling at 0.375
- The price of Solana rose yesterday to a new weekly high of 61.80.
- Cardano’s price is in a pullback after climbing to resistance at the 0.389 level.
Solana chart analysis
The price of Solana rose yesterday to a new weekly high of 61.80. We stopped at that level and started a pullback that lasted until last night at the 58.50 level. There, we get new support and form a new bottom from which we start a bullish recovery up to the 61.00 level. Today, we have resistance at that level, and the price has retreated to the 60.00 level. We expect to see new support and the initiation of a new positive consolidation that would make a break above the 61.00 level.
Potential higher targets are 61.50 and 62.00 levels. For a bearish option, we need a drop to the 59.00 level. Thus, we would form a new daily low and receive confirmation of bearish pressure on the price. We could see a drop to lower support levels. Potential lower targets are 58.50 and 58.00 levels. Additional support for the price in the zone around 58.00 is the EMA50 moving average.
Cardano chart analysis
Cardano’s price is in a pullback after climbing to resistance at the 0.389 level. Since then, we have been in a bearish consolidation that continues today. A two-day low was formed at the 0.372 level, and we are very close to testing this week’s low at the 0.370 level. Additional pressure on Cardano is exerted by the EMA50 moving average, which could influence us to see a breakout below and the formation of a new price low.
Potential lower targets are the 0.365 and 0.360 levels. For a bullish option, we need a positive consolidation and a return above the EMA50 and 0.385 levels. Then it is necessary to maintain up there, wait for the next impulse, and start the continuation of the recovery on the bullish side. Potential higher targets are 0.390 and 0.395 levels.