Yesterday, we saw the formation of the lower high price of Solana at the $183.46 level. It confirmed that the price is slowly coming under bearish pressure and that we can see a pullback. That happened in the following hours, and the price retreated to the $176.00 level. Today, we are moving in the zone of that level, and we have the EMA50 moving average pressure from the upper side. There is a good chance that we will continue to fall further and find new support.
Potential lower targets are $174.00 and $172.00 levels. In the zone of the $170.00 level, we will test the weekly open price and the EMA200 moving average. We need an impulse above the EMA50 and $180.00 for a bullish option. With that step, we are starting a new positive consolidation and expect a continuation on the bullish side. Potential higher targets are $182.00 and $184.00 levels.
Turning to Cardano, its price pulled back to the 0.474 support level yesterday. Here, it encountered the EMA200 moving average, which effectively halted further retreat. This led to a bullish consolidation, propelling us up to the 0.488 level today. We are currently testing the EMA50 moving average and anticipating a new impulse to move us above. Potential higher targets are the 0.490 and 0.495 levels, providing a comprehensive view of the potential upward movement.
We need a negative consolidation and a new decline from 0.475 and the EMA200 moving average for a bearish option. This brings us back to yesterday’s support zone, and we will apply new pressure. This could lead to a break below to a new low, confirming the current bearish momentum. Potential lower targets are 0.470 and 0.465 levels.
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