Solana and Cardano: Solana goes a little lower below $180.00

• The price of Solana is retreating after forming a weekly high at the $184.63 level. 
• The price of Cardano was in a four-day bullish trend until last night at 0.617. 

Solana chart analysis

The price of Solana is retreating after forming a weekly high at the $184.63 level. We pulled back below the EMA200 moving average and continued bearish consolidation today. This leads to a drop to the $173.50 level, a new weekly low. We remain under bearish pressure and expect a continuation to the bearish side. Potential lower targets are $172.00 and $170.00 levels.

We need a negative consolidation and a move above the $180.00 level for a bullish option. This brings us back above the weekly open price, which moves us to the positive side. After that, we need to move above the EMA200 moving average in order to get its support. Potential higher targets are the $182.00 and $184,000 levels.

Cardano chart analysis

The price of Cardano was in a four-day bullish trend until last night at 0.617. There, we encounter resistance and start a pullback below the 0.610 level. Increased bearish pressure pushed us below the 0.600 level to a new daily low of 0.595. We managed to move back above 0.600 and the EMA200 moving average to stay above and start a new positive consolidation.

If this does not happen, we fall below again, and the potential lower targets are 0.590 and 0.585 levels. Moving up to 0.610 will take the first bullish step towards recovery. After that we look towards the 0.615 daily open price. Moving above it will only increase the bullish momentum and could test last night’s high. Potential higher targets are 0.620 and 0.625 levels.

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