Solana and Cardano: Solana could rise above $145.00 level
- The price of Solana fell to the $121.00 level on Friday.
- Cardano fell to 0.317 on Friday and thus retreated to the movement period from November 2023.
Solana chart analysis
The price of Solana fell to the $121.00 level on Friday. After the new support on Saturday, we saw a recovery to the $144.31 level. Sunday brought us another pullback to the $127.75 level by Monday morning. There we formed a new low and managed to stabilize. The price initiates a bullish consolidation from there and moves above the $140.00 level. There we got the support of the EMA 200 moving average, which gives us optimism for further recovery.
Potential higher targets are $145.00 and $147.50 levels. We need a negative consolidation and pullback below the EMA 200 and $140.00 for a bearish option. There we are again under pressure to continue further retreating to lower levels. Potential lower targets are $135.00 and $132.50 levels. Below we will be able to test the weekly open price and try to hold above it.
Cardano chart analysis
Cardano fell to 0.317 on Friday and thus retreated to the movement period from November 2023. A quick consolidation at that level triggers a bullish momentum to the 0.350 level. On Saturday, the price continued up to 0.375; on Sunday, we saw a new pullback below 0.350. This led to the formation of a new low at 0.330 on Monday morning. With new support at that level, Cardano initiated a bullish consolidation above the EMA 200 moving average.
A new weekly high was formed at the 0.380 level. For now, we have resistance there which has resulted in a pullback to 0.360. Today’s movement is in the 0.360-0.375 range. We are close to moving above the EMA 200 again and testing the previous high. Potential higher targets are 0.390 and 0.400 levels. We need a negative consolidation and pullback below the 0.360 level for a bearish option. With that, we are going to a new daily low, which will increase the pressure on Cardano to look for new support. Potential lower targets are 0.350 and 0.340 levels.
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