Solana and Cardano: Cardano drops to new weekly low
- The price of Solana rose to $175.00 on Thursday, October 24, a new weekly high
- On Wednesday, October 23, we saw the Cardano price pull back from the resistance zone around the weekly open level
Solana chart analysis
The price of Solana rose to $175.00 on Thursday, October 24, a new weekly high. On Wednesday, October 23, we saw a break above the $170.00 resistance zone, after which a retest at that level was made this morning, followed by the initiation of a bullish consolidation. Solane stopped at the $175.00 level and is again turning to the bearish side. At $170.65, we will test the daily open level first before visiting the $170.00 support level.
If the bearish momentum continues, the price will have to look for new support. Potential lower targets are $168.00 and $166.00 levels. For the bullish option, it is necessary, first of all, to maintain above the daily open level. After Solana stabilizes, we expect to see the initiation of a bullish consolidation. It is realistic to expect to visit the previous high and try to climb to a new one. Potential higher targets are $176.00 and $178.00 levels.
Cardano chart analysis
On Wednesday, October 23, we saw the Cardano price pull back from the resistance zone around the weekly open level. The strong resistance in the zone around 0.365 and the inability to move above and continue on the bullish side led to the initiation of a bearish consolidation. Cardano quickly fell below the EMA 200 moving average, after which it continued its retreat to the 0.342 level.
From that level, we started a recovery this morning to 0.355, where we encountered new resistance. The new bearish momentum caused Cardano to fall to a new weekly low at 0.339. We are currently at the 0.342 level and are holding in the support zone. Potential lower targets are 0.335 and 0.330 levels. If the new support level manages to keep the price above, we can expect the initiation of bullish consolidation. With the return above 0.350, we move above the daily open level to the positive side. This strengthens the bullish momentum, and potential higher targets are 0.360 and 0.365.
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