Solana stops at the 65.00 level and Cardano at 0.415
- The price of Solana tried twice to hold above the 65.00 level, and both times, it ended without success.
- Yesterday, we saw the Cardano price jump to the 0.415 level, forming a six-month high there.
Solana chart analysis
The price of Solana tried twice to hold above the 65.00 level, and both times, it ended without success. A double top pattern was formed, and after that, we started to pull back as expected. The bearish consolidation that continues today brings us down to the 60.00 level. Additional pressure also creates a drop below the EMA50 moving average, thus reinforcing the bearish scenario.
We now expect to see a continuation of the pullback and the firming of this week’s new low. Potential lower targets are 59.00 and 58.00 levels. We need a positive consolidation, a move above 62.00, and the EMA50 moving average for a bullish option. After that, we will be in a good position to start further recovery. Potential higher targets are 63.00 and 64.00 levels.
Cardano chart analysis
Yesterday, we saw the Cardano price jump to the 0.415 level, forming a six-month high there. After that, the price starts a bearish consolidation up to the 0.395 support level. We got support at that level, recovered to the 0.412 level, and made a new bearish consolidation that brought us back to the initial position. New pressure would lead to a breakout below, which would lead to the formation of a new low. Potential lower targets are 0.390 and 0.385 levels.
Additional support for the Cardano price is the EMA50 moving average in the zone around the 0.390 level. For a bullish option, we need a positive consolidation and a move first to the 0.405 level. Then, we would have to stay up there to wait for a new bullish impulse and start the continuation of the recovery. Potential higher targets are 0.410 and 0.415 levels.