Solana Price Hits SMA Resistance, Bearish Divergence Forms

Solana's price has encountered resistance at its 50-period Simple Moving Average (SMA), threatening to reverse recent gains. The cryptocurrency extended its gains in intraday trading, supported by stability at $97.00 and fresh bullish signals from momentum indicators.

Momentum indicators have entered extremely overbought territory relative to the price action, suggesting a bearish divergence may be forming. A bearish crossover has begun to emerge, adding to the negative outlook.

The short-term bearish corrective trend remains in control, and as long as resistance at $103.00 remains intact, our outlook remains bearish for Solana's upcoming intraday trading sessions.