Solana and Cardano: Cardano at new monthly high
- On Tuesday, we saw a jump in the price of Solana to a $138.00 level and a new weekly high
- The price of Cardano has been in a strong bullish surge since yesterday from the 0.330 level
Solana chart analysis
On Tuesday, we saw a jump in the price of Solana to a $138.00 level and a new weekly high. After that, the price loses its previous momentum and begins to retreat. On Wednesday, it broke below the EMA 200 moving average and fell to support at $128.00. The price found new support at that level and returned above the weekly open price and the $130.00 level. From there, a bullish consolidation was initiated, and the rise was to $136.00 this morning. Here, we encounter new resistance and pull back to the $134.00 level.
Solana now needs to hold above the moving averages to trigger a continuation of the bullish scenario. Potential higher targets are the $138.00 and $140.00 levels. For a bearish option, we need a negative consolidation and a breakout below the daily open price. Thus, we move to the negative side and confirm the growth of bearish momentum. Potential lower targets are the $130.00 and $128.00 levels.
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Cardano chart analysis
The price of Cardano has been in a strong bullish surge since yesterday from the 0.330 level. Today, we see a jump to 0.361, a new September high. All indicators show that we can expect a continuation on the bullish side and the formation of a new daily high. More potential targets are the 0.365 and 0.370 levels.
For a bearish option, we need a negative consolidation of the Cardano price below the daily open level of 0.353. With that step, we will form a new daily low and confirm the transition to the bearish side. After that, the price will have to go down and look for a new support level. Potential lower targets are 0.345 and 0.340 levels. At 0.345, the first support is the EMA 50 moving average, while the 200 EMA is in the 0.340 zone.
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