Solana and Cardano: Solana retreats to $152.39 this morning
The price of Solana fell this morning to the $152.39 level, a new June low.
On Friday, the price of Cardano climbed to the 0.490 level, forming a weekly high there.
Solana chart analysis
The price of Solana fell this morning to the $152.39 level, a new June low. The beginning of the decline happened on Friday at the $172.00 level. After that, the price starts bearish consolidation below the EMA200 moving average and with strong impulses, it goes down to the $153.80 level. Over the weekend, we saw consolidation in the $156.00-$162.00 range. Yesterday’s attempt to move above the upper line of this range was unsuccessful.
Slana starts a new bearish consolidation from there and falls to today’s low. Potential lower targets are $152.00 and $150.00 levels. We need positive consolidation and price stabilization above $156.00 for a bullish option. If we succeed in that, we will have the opportunity to continue on the bullish side. Potential higher targets are $158.00 and $160.0 levels.
Cardano chart analysis
On Friday, the price of Cardano climbed to the 0.490 level, forming a weekly high there. After that, we see a quick bearish consolidation and a price drop to the 0.428 level. Cardano quickly consolidated and returned to the 0.450 level. Over the weekend we see another pullback, this time to the 0.432 level. With the formation of a higher low, we had an opportunity to initiate a recovery. The new rally was up to 0.450, where we encountered the EMA200 moving average and have not had the strength to move above.
After that, the price starts a pullback again and falls to a new lower low of 0.425. With this, we fall below Friday’s low, which further increases the pressure on Cardano. Potential lower targets are 0.420 and 0.415 levels. For a bullish option, we need the initiation of a positive consolidation and a recovery above the 0.440 level. With the support of the EMA50 moving average, we can hope for further recovery.
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