Solana and Cardano: Solana in a pullback to $162.00 level
The price of Solana fell by $10 yesterday from $172.00 to $162.00. Cardano’s price is recovering today from yesterday’s drop to 0.558 level.Solana chart analysis
The price of Solana fell by $10 yesterday from $172.00 to $162.00. From Monday, we were in a bearish trend until yesterday, when we descended to the weekly low. With the new support, a bullish consolidation was initiated, which quickly brought us back above the $172.00 level.
Today, we get the support of the EMA50 moving average, which further strengthens the bullish pressure, and the price advances to the $175.00 level. We could soon surpass $176.00 and thus form a new two-day high.
Potential higher targets are $178.00 and $180.0 levels. Additional resistance in the $178.00 zone is the EMA200 moving average. For a bearish option, we need a drop in the price of Solana to the $170.00 level. Thus, we descend to the daily low and confirm the bearish primacy. Potential lower targets are $168.00 and $166.00 levels.
Cardano chart analysis
Cardano’s price is recovering today from yesterday’s drop to 0.558 level. After forming a weekly low at that level, we saw the initiation of a bullish consolidation and a return above the 0.590 level. Today, we continued up to 0.595, and here we meet the EMA200 moving average. We need a break above its line for further continuation to the bullish side.
Potential higher targets are 0.600 and 0.610 levels. If we were to go down to 0.580, the price would be on the threshold of a new daily low. This confirms the bearish option, and we can hope for a further pullback of the Cardano price to lower levels. Potential lower targets are 0.570 and 0.560 levels.
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