Solana and Cardano: Cardano crosses the 0.400 level

Solana chart analysis

The price of Solana continues today with bullish consolidation up to the 68.18 level. Yesterday, we saw a breakout above Saturday’s high at the 64.00 level, after which the price managed to hold above and start a new bullish consolidation to today’s high.

Solana’s price encounters resistance at that level and makes a pullback to the 65.00 level; now looking for a support level here. If we succeed in that intention, we will see a new positive consolidation and the continuation of the bullish option.

Potential higher targets are 69.00 and 70.00 levels. For a bearish option, we need a negative consolidation and a price drop below the support at the 65.00 level. A drop below forms a new price low and thus confirms the bearish presence on the chart. Potential lower targets are 64.00 and 63.00 levels.

Cardano chart analysis

Today’s price movement of Cardano is in a strong bullish impulse that climbs up to the 0.410 level. The last time we were in that area was at the end of April. Depending on the strength of this bullish impulse, the price could climb to higher levels and take advantage of this strong momentum. Potential higher targets are 0.415 and 0.420 levels.

We need a negative consolidation and a decline from the 0.385 level for a bearish option. Down there, we are already entering the previous zone of movement and consolidation. A new breakout below would mean that the price has no strength for further recovery and that we will seek support at lower levels.

Potential lower targets are 0.375 and 0.370 levels. Additional support for the price is the EMA50 moving average in the zone around the 0.370 level.

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