Solana Trapped Below Key Moving Averages as Momentum Deteriorates

Solana's price has been stuck in a tight range between $71.98 and $74.28, with a daily range of just 3.1% over the past week.

The token has been unable to break above its short-term resistance at $75.81, which is also its 20-day exponential moving average, let alone its long-term resistance at $92.45, its 200-day exponential moving average.

In fact, Solana's price sits below every relevant moving average, including the 50-day and 100-day averages, making it a confirmed downtrend on every timeframe.

The token's momentum indicators confirm deterioration rather than exhaustion, with a relative strength index (RSI) of 43.05 and a convergence-divergence indicator at -0.44.