- Last Thursday, Solana price fell below the 200 moving average, which was a sign of its weakness.
- Cardano price is in decline after Sunday’s resistance at 0.520.
Solana chart analysis
Last Thursday, Solana price fell below the 200 moving average, which was a sign of its weakness. Friday brought new volatility, and the price returned to the $87.00 level. Over the weekend, we managed to stay above the $90.00 level, and saw a break below the support level and bearish momentum at the beginning of Monday. The lowest level recorded yesterday was at $82.00, and it closed today at $83.75. This morning we saw a bullish attempt to recover Solana price, which stalled at the $86.00 level.
From this level, Solana price starts a new bearish consolidation move and drops to a new low at $79.19. We are still under downward pressure; Possible low targets are $78.00 and $77.00. For the bullish option, we need to return to the $86.00 level to break out of the downtrend. From here, we will have a better chance to start further growth. Possible higher targets are the $88.00 and $90.00 levels.
Cardano chart analysis
Cardano price is in decline after Sunday’s resistance at 0.520. Additional pressure in that area creates the EMA200 moving average. On Monday, the bearish momentum intensified, leading to a continuation of the decline to the 0.480 level. During the morning, Cardano tried to start a recovery but stopped at the 0.488 level. This was quickly followed by a pullback and break of the previous low, with a new high being formed at 0.452.
If the pressure on Cardano price continues, possible lower targets are 0.440 and 0.430. We need a positive reinforcement and a return to the 0.480 level for a bullish option. After that, we have to stay there and consolidate in that area. The new impetus would lead to a rebound and increase the price of Cardano to higher levels. Possible higher targets are 0.490 and 0.500 levels.
