Solana and Cardano: Solana fell below 80.00 this morning

Solana and Cardano: Solana fell below 80.00 this morning

Last Thursday, the price of Solana fell below the EMA200, which was a hint of its weakness. Cardano’s price is on the pullback after Sunday’s resistance at 0.520.

Solana chart analysis

Last Thursday, the price of Solana fell below the EMA200, which was a hint of its weakness. Friday brought new volatility, and the price returned to $87.00. During the weekend, we managed to stay above the $90.00 level, and we saw a break below the support and bearish momentum right at the beginning of Monday. Yesterday’s low was at $82.00, and the day closed at $83.75. This morning, we saw a bullish attempt to recover the price of Solana, which was stopped at the $86.00 level.

From that level, the price of Solana starts a new bearish consolidation and falls to a new low at $79.19. We remain under bearish pressure; potential lower targets are $78.00 and $77.00. For a bullish option, we need to return to the $86.00 level to break free from the bearish embrace. From here, we would have a better opportunity to start further growth. Potential higher targets are $88.00 and $90.00 levels.

Cardano chart analysis

Cardano’s price is on the pullback after Sunday’s resistance at 0.520. Additional pressure in that zone creates the EMA200 moving average. On Monday, the bearish momentum intensified, leading to the retreat’s continuation to the 0.480 level. During the morning, Cardano tried to initiate a recovery but was stopped at the 0.488 level. A pullback and breaking of the previous low soon followed, with the formation of a new one at the 0.452 level.

If pressure on the Cardano price continues, potential lower targets are 0.440 and 0.430. We need a positive consolidation and a return to the 0.480 level for a bullish option. Then, we need to stay there and consolidate in that zone. The new impulse would trigger a recovery and increase in the price of Cardano to higher levels. Potential higher targets are 0.490 and 0.500 levels.

The post Solana and Cardano: Solana fell below 80.00 this morning appeared first on FinanceBrokerage.