Solana and Cardano: Cardano rose to 0.463 this morning

• Good support for the price of Solana at $142.00 influenced the initiation of a bullish consolidation above the $160.00 level. 
• The new weekly high price of Cardano was formed this morning at the 0.463 level.

Solana chart analysis

Good support for the price of Solana at $142.00 influenced the initiation of a bullish consolidation above the $160.00 level. Today, we continued yesterday’s consolidation and climbed to the $163.87 level, forming a new weekly high. The current price is $163.20, and we are very close to moving above this morning’s high with new momentum. Potential higher targets are $164.00 and $166.00 levels.

While the bullish scenario is currently in play, it’s important to consider the bearish option as well. The price of Solana must first return below the $160.00 level. By falling below $158.00, we go below the daily open price, moving to the negative side. After that, we expect to see a further pullback and testing of lower support levels. This balanced view suggests that potential lower targets at $156.00 and $154.00 levels are also possible.

Cardano chart analysis

The new weekly high price of Cardano was formed this morning at the 0.463 level. For now, we stop there and start a pullback at 0.455, looking for that new support. A little below that is the daily open price at the 0.453 level. As long as we are above this level, we can hope for further recovery on the bullish side. Potential higher targets are 0.465 and 0.470 levels.

We need a pullback below the daily open price for a bearish option. With that, we switch to the negative side and fall under bearish pressure. We expect an increase in bearish momentum and a visit of Cardana to lower levels. Potential lower targets are 0.450 and 0.445 levels. Additional price support in the 0.445 zone is the EMA200 moving average.

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