Solana and Cardano: Solana has support at the 40.00 level
The price of Solana is trading in the range of 40.00-42.50 for the fourth day in a row.
The price of Cardano jumped to the 0.376 level last night, forming a four-month high.
Solana chart analysis
The price of Solana is trading in the range of 40.00-42.50 for the fourth day in a row. We need to jump out of this consolidation in order to start some trend. We would interpret the jump to the 43.00 level positively if we managed to maintain it above the 42.50 level after that.
There, we would form a bottom from which we would start to continue on the bullish side. Potential higher targets are 44.00 and 45.00 levels. Last week’s high price of Solane was at the 46.97 level.
For a bearish option, we need a drop below the 40.00 level. With a pullback below, we would be very close to testing the EMA50 moving average in the zone around the 39.00 level. A break below would lead to the formation of a new low, and that would be a confirmation of bearish dominance. Potential lower targets are 38.00 and 37.00 levels.
Cardano chart analysis
The price of Cardano jumped to the 0.376 level last night, forming a four-month high. There has been saturation in that zone, and the price is making a bearish pullback to the 0.345 level. If this trend continues, the price could easily fall below this week’s low at the 0.340 level.
That would be a confirmation for us that we will see a further pullback and the formation of this week’s new low. Potential lower targets are 0.330 and 0.320 levels.
Additional support for the price in the zone around the 0.330 level is the EMA50 moving average. The previous week, we also had a pullback to the EMA50 and managed to get its support. For a bullish option, we need a positive consolidation and a move to the 0.360 level.
Then, we need to maintain ourselves up there in order to be able to initiate further recovery. Potential higher targets are 0.370 and 0.380 levels.
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