Bullish Consolidation For Solana: Jump To $98.00 Level?
Over the weekend, the price of Solana was in retreat from $101.00 to $94.20 on Monday morning.
The weekend brought us a pullback in Cardano price from 0.525 to 0.488.
Solana chart analysis
Over the weekend, the price of Solana was in retreat from $101.00 to $94.20 on Monday morning. With the new support, we start a bullish consolidation and jump to the $98.00 level. There, we form a new high, and the price begins to fall, sliding last night to the $94.00 level.
We successfully get support again, recovering to the $96.50 level. Today, we are under pressure from the EMA200 moving average, and if we plan to start a concrete recovery, we would have to jump over that resistance.
Potential higher targets are $98.00 and $99.00 levels. If there is an increase in bearish momentum, the price would be directed towards testing the $94.00 level. It would increase the pressure on that zone for the third time in two days, which could negatively impact it. A break below would form a new weekly low and thus confirm the bearish presence.
Cardano chart analysis
The weekend brought us a pullback in Cardano price from 0.525 to 0.488. As this week began, so did the price of Cardano recover. Yesterday, we saw a recovery to the 0.500 level. Additional resistance in that zone is the EMA200 moving average, which did not allow us to break above.
The price was forced into a new retreat, receiving support at the 0.487 level. Today, we are looking at Cardano movement in the 0.490-0.500 range.
For a bullish trend, we need a jump above the EMA200; after that, there is room for further recovery. Potential higher targets are 0.510 and 0.520 levels. A price pullback below 0.490 would negatively affect Cardano, reinforcing the bearish momentum. Potential lower targets are 0.485 and 0.480 levels.
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