Solana and Cardano: Solana in pullback below $135.00

• This morning, the price of Solana fell to a new weekly low of $132.44.
• This morning, the new weekly low price of Cardano was formed at the 0.386 level.

Solana chart analysis

This morning, the price of Solana fell to a new weekly low of $132.44. Yesterday, we witnessed a strong bearish trend and a price drop from $154.80 to $140.00. After a short consolidation, the new bearish impulse brought us down to this morning’s low. For now, we have support in this zone and expect to see a price recovery above the $137.00 level. Solana would thereby rise above the previous resistance and thus confirm the transition to the bullish side.

Potential higher targets are the $138.00 and $140.00 levels. Additional resistance awaits us in the $143.00 zone in the EMA200 moving average. For a bearish option, the price must re-initiate a negative consolidation and test the previous low. The impulse below will form a new low and thus confirm the bearish momentum. Potential lower targets are the $132.00 and $130.00 levels.

Cardano chart analysis

This morning, the new weekly low price of Cardano was formed at the 0.386 level. After that, the price moved back above 0.392, the weekly open price. If the support holds, we will have the opportunity to see the initiation of a new positive consolidation. With the retracement above the 0.400 level, we get support from the EMA200 moving average. This will have a positive effect, and the price should continue with further growth on the bullish side.

Potential higher targets are 0.405 and 0.410 levels. For a bearish option, we need a drop in the price of Cardano below the weekly open price of 0.392. This shifts the price to the negative side and increases the bearish pressure. After that, we are expected to see a decline and testing of lower support levels. Potential lower targets are 0.385 and 0.380 levels.

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