Solana and Cardano: New Lows and Targets for Thursday
Solana and Cardano have been experiencing significant downward pressure in recent days, as both cryptocurrencies struggle to maintain their value amidst market uncertainty. This article will explore the current situation for Solana and Cardano, highlighting key support levels and potential targets for Thursday trading.
Solana (SOL) Analysis:
Solana has seen a sharp decline in price over the past week, falling from its recent high of $200 to a low of $150. The cryptocurrency is currently trading just above the $160 level, with a bearish bias continuing to dominate the market sentiment.
Key Support Levels: The immediate support level for Solana is located at $150, which has been tested multiple times in the recent past. A break below this level could open the doors for further downside towards the $140 and $130 levels.
Resistance Levels: On the upside, Solana faces strong resistance near the $170 level, followed by the $180 and $190 levels. A sustained move above $190 is needed to alleviate the bearish pressure and signal a potential reversal in the short term.
Key Targets for Thursday: If Solana fails to hold above the $160 support level, traders should watch for a potential retest of the $150 support. A break below $150 could lead to a sharp decline towards the $140 and $130 support levels. On the other hand, a move above the $170 resistance could trigger a relief rally towards the $180 and $190 levels.
Cardano (ADA) Analysis:
Cardano has also been under pressure in recent days, with the cryptocurrency tumbling from its recent high of $2.70 to a low of $2.40. ADA is currently trading near the $2.50 level, with further downside risks looming in the near term.
Key Support Levels: The immediate support for Cardano is seen at $2.40, which has provided some buying interest in the past. A sustained break below $2.40 could pave the way for a deeper correction towards the $2.30 and $2.20 levels.
Resistance Levels: On the upside, Cardano faces strong resistance near the $2.60 level, followed by the $2.70 and $2.80 levels. A break above $2.80 is needed to shift the momentum in favor of the bulls and signal a potential trend reversal.
Key Targets for Thursday: Traders should monitor the $2.40 support level for Cardano, as a breach could trigger a fresh wave of selling pressure towards the $2.30 and $2.20 support levels. Conversely, a move above the $2.60 resistance could lead to a recovery rally towards the $2.70 and $2.80 levels.
In summary, Solana and Cardano are facing downward pressure in the short term, as both cryptocurrencies struggle to find buying interest amidst market uncertainty. Traders should closely monitor the key support and resistance levels highlighted in this article to gauge the potential price action for Thursday trading.