Solana and Cardano: Solana is trying to stay above $172.00
This week’s strong bullish consolidation pushed the price of Solana up to the $175.00 level this morning.
Cardano’s price managed to stabilize above EMA200 and 0.456 level yesterday.
Solana chart analysis
This week’s strong bullish consolidation pushed the price of Solana up to the $175.00 level this morning. After that, we see a stop in that zone and a pullback to the $172.50 level. It could easily happen that the price initiates a pullback and looks for a new lower support level. We will test the daily open price at $171.80, and by going below, we move to the bearish side.
Potential lower targets are $171.00 and $170.00 levels. We need to hold above the $172.00 level for a bullish option. Next, we need the initiation of a new bullish consolidation and a break above the $174.00 level. With that step, we are approaching the previous high at $175.00, and we will have the opportunity to move to a new weekly high with the next impulse. Potential higher targets are $176.00 and $177.00 levels.
Cardano chart analysis
Cardano’s price managed to stabilize above EMA200 and 0.456 level yesterday. After that, we saw the initiation of a positive consolidation and a jump to the 0.466 level. The price formed a new weekly high there, and we are holding below it for now. Today’s movement takes place in the 0.460-0.466 range. The pressure is now on the lower line of this range, and we are more likely to see a break below.
Potential lower targets are 0.455 and 0.450 levels. In the 0.455 zone, we come across the EMA200, and it will be interesting to see how the Cardano price will behave there. We need a positive consolidation and a return and test of the 0.466 level for a bullish option. With this step, we increase the pressure on the weekly high and we could see a break above to a new one. Potential higher targets are 0.470 and 0.475 levels.
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