Solana Price Stuck in Range as Sellers Continue to Hold Upper Hand
Solana's price action has been stuck in a tight trading range since July, unable to break above key resistance levels. The cryptocurrency currently trades near $73.6 after falling below its short-term moving averages.
The 50-day and 100-day moving averages act as significant hurdles, with the former around $74.9 and the latter near $75.8. Unlike other major altcoins, Solana has struggled to maintain momentum from its June rebound.
The broader technical picture remains cautious, with lower highs forming since May's peak. The 200-day moving average sits at a significant distance of $92, indicating a bearish long-term trend. Technical indicators also point to weak momentum, with the Relative Strength Index (RSI) below the neutral 50 level.
The most crucial support zone remains between $72 and $73, which buyers have successfully defended multiple times in July. A decisive break below this range could send SOL toward its June low near $68.