Cardano and Ethereum Surge, Solana Approaches Resistance Level

Cardano

Cardano (ADA) has experienced a surge in price, surpassing the 50-day EMA (Exponential Moving Average). This breakout indicates a strong bullish sentiment and presents growth opportunities for investors. The current support level for ADA is around $0.50, which has acted as a strong bounce point for the price. Maintaining this support level could lead to ADA targeting the next resistance level at approximately $0.60. If ADA continues to close above the 50 EMA, buying pressure may increase, potentially pushing the price to higher levels, with $0.65 as the next major target.

Ethereum

Ethereum has achieved a new high in its valuation, surpassing the $2,600 mark. This breakthrough suggests a robust upward trend and indicates the potential for further price increases. The current support level for Ethereum is around $2,500, which has historically acted as dynamic support during retracements. The growth of ERC404 tokens and the high network fees on Ethereum contribute to the bullish sentiment and support the thesis of continued growth. However, a retest of the $2,500 support level is likely in the event of a price drop, with a potential decline towards the $2,400 level.

Solana

Solana is currently testing the upper bounds of its established price channel. Trading around $113.8, Solana is approaching the resistance level of $115-$117, which has previously acted as a strong point of rejection. On the support side, Solana finds immediate cushion around $100, aligning with the 50-day EMA. A successful break through the upper resistance level could lead to further growth towards the $125-$130 range, potentially initiating a new rally.