Solana rose to $174.61 while Cardano rises to a new high

• The price of Solana rose to the $174.61 level, forming a new weekly high there.
• The price of Cardano has just formed a new weekly high at the 0.809 level.

Solana chart analysis

The price of Solana rose to the $174.61 level, forming a new weekly high there. The prices of the week are in a strong bullish trend supported by the EMA50 and 200 moving averages. Yesterday, the price received the required support at $150.00, after which we continued above the $160.00 level. In the previous hour, we broke above $170.00 and jumped to the weekly high.

We expect to see a continuation to higher levels; potential higher targets are $176.00 and $180.00. We need a pullback below the $168.00 level for a bearish option, where we had the previous consolidation. After that, we are looking at the $164.00 level, the daily open price. By falling below, we form a new daily low and thereby confirm the dominance of the bearish option. Potential lower targets are the $160.00 and $155.00 levels.

Cardano chart analysis

The price of Cardano has just formed a new weekly high at the 0.809 level. In the previous hour, we made a break above the previous high from Monday at 0.789. This morning, we saw price consolidation in the 0.740-0.770 range with support from the EMA200 moving average. After that, the price breaks above the upper level of this channel and rises to a new high. 

For now, we are still holding high and expect a continuation on the bullish side. Potential higher targets are the 0.810 and 0.820 levels. We need a pullback of the Cardano price below the 0.780 level for a bearish option. This puts us back under bearish pressure, which could negatively impact further price movements. Potential lower targets are the 0.770 and 0.760 levels.