Solana Price Analysis: Bouncing Back to Support at $130.00
- During the weekend, we saw the Solana price pullback from last week’s high at $137.84.
- At the beginning of the weekend, the price of Cardano surged above the 0.750 level.
Solana chart analysis
During the weekend, we saw the Solana price pullback from last week’s high at $137.84. A new low was formed on Sunday at $124.73. After that, the price started bullish consolation, which is still active today. Yesterday, we saw a rise to the $135.00 level, then a pullback to $128.00, where we formed a new higher low compared to the previous one.
We are starting to recover again today, but we are stopping at the daily high at the $134.00 level. Today’s price movement of Solana takes place in the $130.00-$134.00 range. We remain above the support level in the hope that we have the strength to overcome the upper resistance and climb to a new daily high. Potential higher targets are $135.00 and $136.00 levels.
Cardano chart analysis
At the beginning of the weekend, the price of Cardano surged above the 0.750 level. Subsequently, we witnessed consolidation with a low formed at the 0.687 level. Soon after, we quickly bounced back above the 0.700 level. As Monday commenced, Cardano started to rise, reaching a new high at the 0.800 level.
However, we encountered resistance, initiating a bearish consolidation towards this morning’s support at the 0.740 level. Following this new support, the price increased to 0.780, forming a daily high.
Potential higher targets are the 0.790 and 0.800 levels. We need to see a pullback of the Cardano price below the 0.750 level for the bearish scenario. This would bring us close to forming a new daily low, confirming bearish pressure on the price and expecting a continuation to the downside. Potential lower targets are the 0.740 and 0.730 levels.
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