Solana and Cardano: Cardano was below 0.600 yesterday

Solana chart analysis

Last night, we saw the price of Solana drop to the $110.00 level. Just a few hours before, it was $143.00, forming a new one-year high. From there, we started a quick pullback, falling to last night’s low. Then, with the new support, we started the recovery and stabilized above the $120.00 level first. We formed a bottom at that level and started a bullish consolidation up to the $135.00 level.

That is today’s high for us, and we are holding below it for now. There was a small immediate pullback to the support level at $130.00, which we expect to hold us. With the new momentum, we will quickly move above $135.00 and form a new daily high. Potential higher targets are the $137.50 and $140.00 levels.

Cardano chart analysis

Cardano’s price slipped yesterday from 0.780 to 0.589, losing almost 25% of its value in just a few hours. With luck, we get support at that level and start a bullish consolidation, rising to the 0.700 level. Moving above, we get additional support from the EMA200 moving average. This positively affects the growth and movement up to the 0.760 level. There, we make a daily high and retreat slightly to support at the 0.725 level.

From here, we can expect to see a new bullish impulse and trigger a recovery. Potential higher targets are the 0.770 and 0.780 levels. For a bearish option, we need a price pullback to the 0.700 level. There, we retest the EMA200 moving average. The breakout below confirms that the price of Cardano has no strength to recover and that we expect a pullback, not lower. Potential lower targets are the 0.680 and 0.660 levels.

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