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03/12/2024

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Solana Ends the Recovery While Cardano is Well Established on a Bullish Track: Here are the Month-End Targets for Both

Solana price completes a parabolic recovery curve and appears to be ready for the upcoming price action. Besides, the ADA price appears to be well positioned, heading towards the next higher targets that may certify a rise above the bearish influence

Solana Ends the Recovery While Cardano is Well Established on a Bullish Track: Here are the Month-End Targets for Both
solana and cardano price

The crypto bull run has been triggered by the Bitcoin price smashing a new ATH much before its halving. With this, the popular altcoins have also gained some momentum, which was largely trading under the shadows of the newly launched tokens, AI tokens, DeFi’s and memecoins. Solana and Cardano, which were once considered dead, have now displayed acute strength as the bulls appear to be well prepared to send the price beyond previous highs. 

Solana (SOL) Price Analysis

Solana has withstood multiple attacks in the form of network outrages or its exposure to the FTX fiasco. In both cases, the trader’s confidence was shaken a bit but the token reclaiming acute strength displays a flip in market sentiments. With this, the SOL price managed to initiate a parabolic recovery and reach the neckline of the curve. 

The token printed three consecutive bullish weekly candles, which elevated the levels above the neckline. With this, the price appears to have risen above the bearish claws, hence validating the upcoming bullish swing. The RSI remains within the bullish range and the volume also appears to be in support. Hence, the SOL price could be pre-programmed to achieve the levels at $175 in the next few weeks and enter the pivotal resistance zone just below $200. If the bulls display some strength here, the Solana price may achieve new highs beyond $300 before the end of the year. 

Cardano (ADA) Price Analysis

The rebound initiated in the last few weeks of 2023 has paved the way for the ADA price to rise above the bearish level. The token has faced a strong bearish clash at frequent intervals, which has made it very difficult for the bulls to hold the rally above the crucial support. However, the recent price action suggests the Cardano price is well on track within a bullish pattern, which may soon end up achieving levels above the interim milestone at $1. 

As displayed in the above chart, the ADA price has soared above the pivotal resistance at the 200-day MA at $0.7, which has transformed into strong support. Even though the volume remains considerably low, it is largely in favour of bulls. Alongside, the RSI has strongly recovered and has entered back into the bullish range, which suggests a continuation of an ascending trend that may propel the price beyond $1.2 in the first few weeks of Q2 2024. 

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A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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