Solana and Cardano: Weekly high for Solana at $173.80

Solana chart analysis

The price of Solana climbed to a new weekly high at $173.80 level in the previous hour. Since the beginning of the week, the price has been in a bullish trend with the constant formation of higher lows and the support of the EMA50 moving average. This morning we returned again above the EMA200, which further strengthened the bullish momentum and jumped to a new high. We now see a short pullback to $171.50, and the price could test the $170.00 support level.

For now, Solana is sticking to the bullish trend, and potential higher targets are $174.00 and $175els. For a bearish option, we need a negative consolidation and pullback down to $168.50 and the EMA200 moving average. New pressure in that zone will only strengthen the negative picture, which could push the price to a new low. Potential lower targets are $167.00 and $166.00 levels.

Cardano chart analysis

Last night, the Cardano price dropped to a new weekly low at the 0.452 level. After that, the price managed to start a bullish consolidation from there and recovered today to the 0.464 level. We encountered the EMA200 moving average there, and the price growth stopped there. Again now we turn to the bearish side and go down to the 0.460 level. If the bearish consolidation continues, we will return to yesterday’s support zone.

Potential lower targets are 0.458 and 0.456 levels. We need a break above the EMA200 and the 0.465 level for a bullish option. With that step, we move to the positive side and get the support of the moving average. Potential higher targets are 0.466 and 0.468 levels.

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