- After falling to the 51.28 level on Tuesday night, Solana price began a rapid recovery to the 59.00 level on Wednesday.
- Yesterday’s bullish consolidation led to the formation of a new two-day high price for Cardana at the 0.388 level.
Solana Chart Analysis
After falling to the 51.28 level on Tuesday night, Solana price began a rapid recovery to the 59.00 level on Wednesday. For now, we have resistance in that area and are moving sideways in the 57.00-59.00 range. We have good support and we expect to see a break above and a move towards the 60.00 level. So, we would have to stay up there to form the base from which we would begin to continue the recovery.
The highest potential targets are the 61.00 and 62.00 levels. We need a negative consolidation for a bearish option, a fall below the 57.00 level and the EMA50 moving average. A break below these support levels would put more pressure on the price to initiate a deeper pullback. Possible lower targets are the 56.00 and 55.00 support levels.
Cardano Chart Analysis
Yesterday’s bullish consolidation led to the formation of a new two-day high price for Cardana at the 0.388 level. We currently have resistance at that level and a slight pullback to 0.384. Today we have mainly moved in the area around the 0.380 level and have managed to stay above it. Fresh pressure on that area could influence us to see a break below and a drop to today’s new low. The possible lower targets are the 0.375 and 0.370 levels.
We will have additional support for Cardana price in the area around 0.375 at the EMA50 moving average. We need a positive consolidation and a jump above the 0.390 level for a bullish call. Therefore, we would form a new high and get confirmation of the bullish momentum. After going up, it is also necessary to stay there to wait for new bullish momentum and start continuing on the bullish side. The highest potential targets are the 0.395 and 0.400 levels.
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