Solana and Cardano: Solana loses momentum again
- On Monday, the price of Solana retreated to a higher weekly low at the 127.00 level
- Over the weekend, the Cardano price continued to pull back, and on Monday morning, we saw a new low formed at 0.325
Solana chart analysis
On Monday, the price of Solana retreated to a higher weekly low at the 127.00 level. After that, the price stabilized and initiated a bullish consolidation above $134.00 and the EMA 50 moving average. Continuing this consolidation, this morning, we climbed to the $137.50 level, a new weekly high. However, we did not have enough bullish momentum, and a pullback to the $133.50 level was initiated.
Here, we will try to find support in the EMA 50 moving average to keep us on the bullish side. After that, we should see another bullish consolidation of Solana’s price and a rise above $136.00. Potential higher targets are the $138.00 and $140.00 levels. The EMA 200 moving average is waiting for us in the $140.00 zone and could be a big obstacle to continuing on the bullish side.
Cardano chart analysis
Over the weekend, the Cardano price continued to pull back, and on Monday morning, we saw a new low formed at 0.325. After that, the bearish momentum weakened, and the price slowly started to recover. This morning, we had the formation of a daily high at the 0.340 level, after which we again turned to the bearish side. Additional pressure created a retracement below the EMA 50 moving average.
Cardano was forced to make a new pullback and return to the 0.329 level. Now, we are back in the support zone and close to yesterday’s low. A new impulse below would create a new low and thus strengthen the bearish momentum. Potential lower targets are the 0.320 and 0.315 levels. We need a return above the EMA 50 and the 0.340 level for a bullish option. Then, we must hold ourselves there to continue our further growth. Potential higher targets are the 0.345 and 0.350 levels.
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