Solana and Cardano: Solana loses momentum this morning
This morning, the price of Solana retreated under pressure to the $168.25 level, where we saw the formation of the weekly low.
Cardano’s price retreated to the 0.391 level this morning, forming a new weekly low there.
Solana chart analysis
This morning, the price of Solana retreated under pressure to the $168.25 level, where we saw the formation of the weekly low. The price stopped further declining and found support from the EMA 200 moving average in that zone. It is very possible to see price stabilization here and a potential reversal of the bullish consolidation. Moving above the $172.00 level increases the chances of recovery.
Potential higher targets are $174.00 and $176.00 levels. For a bearish option, we need a negative consolidation and a new descent of Solana to the $168.00 level. This will put us under pressure to form a new low and confirm the bearish scenario. There is room for the price to retreat deeper and return to last week’s levels. Potential lower targets are $166.00 and $164.00 levels.
Cardano chart analysis
Cardano’s price retreated to the 0.391 level this morning, forming a new weekly low there. The previous consolidation at the 0.400 support level was not enough to hold the price there, and a drop below followed. Yesterday’s bullish attempt was stopped at the 0.420 level, where we met the EMA 50 moving average. There was an increase in price pressure, and growth stopped there. Now, we see a bullish attempt from this morning’s low.
Cardano recovered slightly to 0.398 and could soon return above the 0.400 level. If he succeeds in this, he will have the opportunity to initiate a bullish consolidation. Potential higher targets are 0.410 and 0.420 levels. Additional resistance in the 0.410 zone is the EMA 50 moving average, while the 200 EMA is in the 0.420 zone.
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