Solana and Cardano: New Targets and Levels for Thursday
The price of Solana is in a slight pullback after Tuesday’s jump to $159.50
Cardano’s price is losing momentum after climbing to 0.370 on Tuesday
Solana chart analysis
The price of Solana is in a slight pullback after Tuesday’s jump to $159.50. Already on Tuesday, we immediately saw signs of a return to the support zone. The price made a new low at the 150.30 level. From then until this morning, the movement was in the $152.00-$156.00 range. This morning, pressure on Solana began to mount, pushing it to $151.50. For now, we have that support and are recovering to the $153.00 level. The move to the bullish side looks slow, and we need a return above the daily open level of $154.25.
With that step, Solana will be able to climb and test the $156.00 level of the previous range of movement. Potential higher targets are $157.00 and $158.00 levels. For a bearish option, we expect to see a break of the previous low. This will form a new daily low and confirm the continuation of the fall to the bearish side. Potential lower targets are $151.00 and $150.00 levels.
Cardano chart analysis
Cardano’s price is losing momentum after climbing to 0.370 on Tuesday. From that level, the price began a retreat that continues today. We formed a new daily low at the 0.346 level. The bearish momentum strengthened with our pullback below the EMA 200 moving average. We are now testing the weekly open level, and everything indicates that we can expect Cardano to continue falling to a new low.
Potential lower targets are 0.344 and 0.342 levels. For a bullish option, we hope to stop today’s bearish trend first. Once we succeed, we can expect the price to start with a bullish consolidation. The return above the weekly open level increases optimism for a possible further recovery. Potential higher targets are 0.352 and 0.354 levels. We meet the EMA 200 moving average again, and this time, we hope for a break above to continue the bullish trend.
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