Solana’s Impressive Surge: Breaking $200 and Beyond

Solana’s Impressive Surge: Breaking $200 and Beyond

The price of Solana rose above the $200.00 level for the first time this year on Sunday.
On Friday, the price of Cardano fell below the 0.700 level. 

Solana chart analysis

The price of Solana rose above the $200.00 level for the first time this year on Sunday. Yesterday, the price continued to rise until reaching the $209.90 level. We stopped there and started a pullback to the first support at $195.00. There, we encountered the EMA50 moving average, which stopped the fall of Solana.

In the next few hours, Solana recovered to the $205.00 level. With the new lower high, we were not able to continue the recovery. The price starts a new pullback and quickly falls below the $190.00 level.

We didn’t stop there but went even lower until the $171.71 level. We tried to consolidate around $185.00 but failed to hold above, and a drop to a new weekly low followed. We are currently at the $178.00 level and testing the EMA200 moving average support. If we manage to stay above it, we will have good support for starting a new bullish consolidation.

Cardano chart analysis

On Friday, the price of Cardano fell below the 0.700 level. With that, we slid below the EMA200 moving average, and a bearish consolidation was initiated over the weekend. We had a small recovery on Saturday morning to the 0.735 level. This is where the price stops and, from there, starts to pull back until the 0.630 level on Sunday morning.

After that, we see a recovery and consolidation all the way to the 0.699 level. We failed to move above 0.7000 and another pullback followed that continues today.

The price of Cardano falls to the 0.592 level, and there it forms a new weekly low. We stop there for now and recover slightly to the 0.613 level. We need a return above the 0.620 level in order to form a bottom from which we would start growth and recovery. Potential higher targets are 0.640 and 0.660 levels. Additional resistance in the zone around 0.660 is the EMA50 moving average.

 

The post Solana’s Impressive Surge: Breaking $200 and Beyond appeared first on FinanceBrokerage.