Solana and Cardano: Cardano is moving to a new July high
- This morning, we saw Solana’s price jump to the $160.00 level.
- This morning, the Cardano price rose to 0.455, a new July high.
Solana chart analysis
This morning, we saw Solana’s price jump to the $160.00 level. After forming a new weekly high, the price lost momentum at that level and began to retreat. It is now at $153.85 and is on its way to the $152.00 level and the EMA 50 moving average. If this support is not enough, a further pullback to the new low will follow. Potential lower targets are the $150.00 and $148.00 levels.
Additional support is the EMA 200 moving average in the zone of the $144.00 level. We need a positive consolidation and stabilization of the Solana price above the $156.00 level for a bullish option. After that, we will have the opportunity to start a bullish consolidation. With the return to the $160.00 level, we are moving close to this week’s high. With a new impulse, we will climb to a new weekly high. Potential higher targets are $162.00 and $164.00 levels.
Cardano chart analysis
This morning, the Cardano price rose to 0.455, a new July high. After its creation, the price loses momentum and initiates a pullback. We are now at 0.429 and have pulled back below the weekly open price. This further increased the pressure on the price of Cardano, and we can expect a new bearish impulse and a drop to a new daily low. Potential lower targets are the 0.420 and 0.410 levels.
Additional support for the Cardano price in the 0.410 zone is the EMA 200 moving average. We need to move back above the weekly open price and the EMA 50 moving average for a bullish option. If we succeed in this, we get a new opportunity to initiate a bullish consolidation and return to the previous bullish trend. Potential higher targets are in the 0.440 and 0.450 levels.
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