Solana Reaches a New High at the 117.00 and 118.00 Levels

• Today, we are looking at the price of Solana at the $116.35 level for the first time in February.
• The price of Cardano is climbing to a new high today at the 0.575 level.

Solana chart analysis

Today, we are looking at the price of Solana at the $116.35 level for the first time in February. Yesterday’s price action was volatile as we returned to the $108.00 level. After the new support, we started a bullish consolidation. In the previous hour, we skipped yesterday’s high and formed a new one at a higher level.

We expect the price to continue growing, and the potential higher targets are 117.00 and 118.00 levels. We need a negative consolidation and a return below the 115.00 level for a bearish option. That would put us under pressure to continue the retreat. This leads to the formation of a new price low, and the potential lower targets are $114.00 and $113.00 levels.

Cardano chart analysis

The price of Cardano is climbing to a new high today at the 0.575 level. We continued the bullish consolidation after yesterday’s pullback to the 0.535 level. We got additional support at that level in the EMA200 moving average, which resulted in this jump to a new high. Potential higher targets are 0.580 and 0.585 levels.

For the bearish option, we need negative consolidation. Returning to the 0.565 level, we would have descended into the previous resistance zone. Cardano would then be under more pressure to continue its decline. Potential lower targets are 0.560 and 0.555 levels. The EMA200 moving average remains still in the zone around the 0.535 level.