Solana price has bounced off Tuesday’s low of $166.83. Nonetheless, there weren’t enough buyers to push the crypto past the week-long range. To reverse the bearish outlook, the bulls will need to push it to and past the psychologically crucial level of $200. The crypto fear & greed index is currently at an extreme fear of 23. In comparison, the fear levels on Monday were lower at 29.
Solana price prediction
After dropping from December’s high of 205.13 a week ago, SOL is trading within a horizontal channel. The range’s lower and upper borders are at 165.14 and 180.07 respectively.
At the time of writing, Solana price was up by 0.46% at 170.94. On a four-hour chart, it is trading below the 25 and 50-day exponential moving averages. It is also below the long-term 200-day EMA.
In the short term, the altcoin will likely remain within the aforementioned horizontal channel. Above the range’s upper border, the 200-day EMA at 184.57 and upper level of 194.14 will be key resistance levels to look out for.
While Solana price will likely record gains in the ensuing sessions, fear in the crypto market will curb its upward potential. From this perspective, the psychological level of 200 may remain evasive in the short term. On the flip side, a move below the current support level will have the bulls defend the support zone of 157.00.