๐ Solana (SOL) & Cardano (ADA) Analysis
๐ Solana (SOL) Update:
Solana (SOL) recently saw a significant drop, falling to $152.90 from its previous indications of retesting $200. Currently, SOL appears to be consolidating between $149.29 and $167.52 in the short term. The 20 EMA (yellow) is positioned above the 9 EMA (blue) on the 4-hour chart, suggesting a bearish trend. Although there's a possibility of SOL testing the $180.42 resistance level if buying pressure increases, such a scenario seems unlikely in the near future.
๐ Cardano (ADA) Update:
Cardano (ADA) experienced a steep decline from $0.59 to $0.45 on April 12, but has since recovered to $0.51. Reclaiming the $0.59 level could prove challenging, as indicated by the On Balance Volume (OBV) downturn, signaling a lack of buying power. Moreover, the RSI remains close to the oversold region. ADA might test $0.55 if buying pressure increases, but there's also a possibility of a pullback to $0.49 if bearish sentiment persists.
In summary, both SOL and ADA face hurdles in returning to previous highs due to bearish trends and limited buying pressure. Traders should keep a close eye on key support and resistance levels for potential trading opportunities. Stay tuned for further updates! ๐๐ซ$SOL $ADA #BullorBear #SolanaRevival #CardanoEcoSystem