Cardano & This Popular Altcoin is Heading for 20% Pullback—Can Bulls Prevent Excess Price Drain?
The cryptocurrency market is showing mixed sentiment. While trader sentiment remains uncertain for some coins, it is simply bullish for others. Meanwhile, some original coins, such as Cardano and Solana, are facing a tough time and are expected to lose more gains in the coming days. In this way, bulls may get a good entry opportunity as the price of ADA and SOL continues to be bullishly affected in the long term.
Cardano (ADA) Price Analysis
Cardano is testing some key support levels, and once this support is lost, the coin is believed to experience a sharp 15% correction. this ADA price The expansion started after a long period of consolidation, so it can be assumed that market participants may have taken profits after a considerable wait. However, after selling pressure subsides and selling volumes decrease, prices are expected to trigger a strong rebound.
As you can see from the chart above, ADA price is within an ascending triangle in the short term and is struggling to defend ascending support. With this, the coin has entered a decisive phase, with a close below $1.10 signaling a trend shift, while a break below $1.03 could confirm a bearish break to $0.88. However, the technical picture remains bullish, suggesting bulls can enter the circle any day now and reverse the strong uptrend towards a new ATH.
Solana (SOL) Price Analysis
this Solana Price It is expected to become one of the top altcoins in the ongoing bullish action, with short-term price targets above $300 and long-term price targets above $500. However, market sentiment appears to have taken a major turn, and there are now fears that the price will fall back to $200 if bulls fail to hold the $220 support.
SOL price is currently testing the neckline of a head and shoulders pattern that is flashing numerous bearish signals. Additionally, price is trading between the base and conversion lines of the Ichimoku cloud, and these levels appear to be heading towards a bearish crossover, flipping the cloud to bearish and triggering a sell signal. The declining RSI also confirms the bearish assertions as well as the sharp drop in trading volume.
As a result, Cardano and Solana prices are moving towards lower support, losing almost 15% of their value. If the bulls fail to hold this level, more bearish action is likely to follow.
