Solana price has remained range-bound after dropping from the week’s high of 177.74. Notably, risk appetite continues to define the crypto market. While the crypto fear & greed index has eased from the extreme greed level of 76 in the previous session, it remains in the greed end of the spectrum with a reading of 74.
SOL is finding support at 150 for the third consecutive session. During that timeframe, it has been trading within a tight range with 162.77 being the horizontal channel’s upper border. Notably, 160 has been a crucial zone in the altcoin’s price movements since September.
At the time of writing, Solana price was up by 0.11% at 154.52. On a four-hour chart, it is trading slightly below the 25 and 50-day exponential moving averages.
As greed continues to define the crypto market, I expect Solana price to remain above the support level of 120.00 in the short term. At its current level, the outlook is rather neutral.
It will likely remain within the aforementioned horizontal channel as it gathers enough bullish momentum to retest the week’s high. If the bulls manage to break the resistance at the channel’s upper border, the next target will be at the week’s high of 177.74. However, to attain this goal, the bulls will need to push the price past 170.44.
On the flip side, a move below the psychological level of 150.00 will likely place the support level at 139.05 or lower at 123.35.