Exploring Solana and Cardano: 0.535 Price Rise This Morning
Exploring Solana and Cardano: 0.535 Price Rise This MorningThe price of Solana rose this morning to the $102.52 level. The price of Cardano fell to a new low yesterday at the 0.474 level.
Solana chart analysis
The price of Solana rose this morning to the $102.52 level. Yesterday, we saw how the price received support at $95.00, and after that, a bullish consolidation was initiated. First, we climbed above the EMA200 and the $97.00 level.
Then Solana formed a new bottom there, followed by a bullish impulse and jumped to this morning’s high. After that, the price retreated to the $100.50 level, where it received new support.
From that level, we see a new bullish impulse that brings us back to the zone above the $102.00 level. A break above could easily happen soon, and potential higher targets are the $103.00 and $104.00 levels. For a bearish option, we need a drop in the price of Solana to test the $100.00 level.
Pressure at that level would introduce uncertainty into further recovery, and we would see a new drop below with the formation of a new low. Potential lower targets are $99.00 and $98.00 levels.
Cardano chart analysis
The price of Cardano fell to a new low yesterday at the 0.474 level. After stopping at that level, we see a bullish consolidation, a jump above 0.500 level, and above the EMA200 moving average. We get new support there, and the price rises with a new impulse up to the 0.535 level.
This week’s high was formed at that price level. After that, we start pulling back to the 0.520 level in the hope that we will find support there and stop the pullback.
A break below would increase the bearish momentum, forcing the price to look for support at lower levels. Potential lower targets are 0.515 and 0.510 levels. If we manage to hold above 0.520, the price could start testing this morning’s high at 0.535. Potential higher targets are 0.540 and 0.545 levels.
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