Solana and Cardano: Cardano soon above the 0.700 level

• In the previous hour, the price of Solana surged to the $132.88 level. 
• Yesterday, the price of Cardano first retraced to the $0.600 level.

Solana Chart Analysis

In the previous hour, the price of Solana surged to the $132.88 level. At this point, we formed a new high and are currently pausing there. The price is now retracing and is at the $128.10 level. It is in a bearish impulse, which could bring it down to the $125.00 support level. Morning consolidation occurred in that zone, which we should pay attention to as it could be crucial.

With a drop below, pressure increases on the price to retreat further. Potential lower targets are the $117.50 and $115.00 levels. The EMA200 moving average is in the zone around the $109.00 level. If the price of Solana manages to hold above $125.00, it will gain new support for continuation on the bullish side. Potential higher targets are the $130.00 and $135.00 levels.

Cardano Chart Analysis

Yesterday, the price of Cardano first retraced to the $0.600 level. It successfully found support at that level and initiated a bullish consolidation from there, which brought us to the $0.700 level in the previous hour. The price remains in that zone, retracting slightly to the $0.690 level. There is a high likelihood that we will see a breakthrough above and, by the end of the day, form a new weekly high. Potential higher targets are the $0.710 and $0.720 levels.

If the price of Cardano fell below the $0.680 level, it could trigger a deeper retracement. Below that, there is open space that could easily pull the price down to the $0.650 level. There, we could expect a slowdown in the decline and the finding of the first significant support. Potential lower targets are the $0.640 and $0.630 levels. The EMA200 moving average is in the zone around the $0.610 level.

The post Solana and Cardano: Cardano soon above the 0.700 level appeared first on FinanceBrokerage.