Solana price has bounced off Monday’s low; a trend observable in Bitcoin and various altcoins. The crypto market is finding support in the improving risk appetite. However, Omicron-related concerns have continued to curb the gains. Besides, with the Christmas week trade taking shape, cryptocurrencies will likely record subtle moves in the ensuing sessions as trading volumes reduce.
Solana price prediction
SOL is on a rebound after hitting an intraday low of 168.47 on Monday. The session low was an extension of Sunday’s loses when it dropped from a high of 189.87. At the time of writing, the altcoin was up by 2.69% at 178.73.
On a four-hour chart, Solana price is trading slightly above the 25 and 50-day exponential moving averages that have converged at 177.38. However, it is still below the long-term 200-day EMA.
In the ensuing sessions, the range between the 200-day EMA at 189.87 and the support level at 165.41 will be a crucial one for the cryptocurrency. In the short term, Solana price will likely remain below the psychological level of 200.as low volumes define the Christmas week trade.
If the altcoin surges above the aforementioned range, it may hit the resistance level at 197.77 before pulling back to within the horizontal channel. On the flip side, a move below the lower borer will likely place the support level at 157.00.