Solana and Cardano: Cardano takes a step closer to 0.600

Solana chart analysis

Yesterday, the price of Solana first retreated to the 92.00 level, followed by a jump to the 106.00 level. We stopped there and started a pullback to the 98.00 level, where we encountered the EMA50 moving average. Solana receives the required support in the moving average and starts a new bullish consolidation that pulls us up to the 104.00 level. We could soon test the previous high and make a break above to continue the growth to higher levels.

Potential higher targets are 108.00 and 110.00 levels. We need a negative consolidation and a new pullback to 98.00 and EMA50 for a bearish option. A break below would indicate a further retreat of the Solana price, and increased pressure would influence us to visit the lower support levels. Potential lower targets are 96.00 and 94.00 levels.

Cardano chart analysis

Yesterday, we saw a strong bullish consolidation of the Cardano price that continued today to the 0.595 level. Yesterday’s price high was at 0.590; after that,  we see a pullback to support at 0.560. We managed to get support this morning and initiate an immediate bullish consolidation with a target of 0.600. Cardano could soon test that level, and we may even see a break above and the formation of a new week’s high.

Potential higher targets are 0.610 and 0.620 levels. For a bearish option, we need a negative consolidation and a drop to support at the 0.560 level. After that, we would be under pressure to continue the retreat. At 0.550, we encounter the EMA50 moving average. If we don’t get support there either, the Cardano price will be under a lot of pressure to continue its pullback. Potential lower targets are 0.540 and 0.530 levels.

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