Market expert Umair Crypto has released an updated technical analysis of last week’s Solana price. The analyst emphasized this in his new report Solana’s market structure still remains decisively bearishespecially after the recent crash to a two-year low. Despite the downtrend, Umair Crypto believes Solana can still build enough momentum to reach higher levels. He has shared several bullish and some bearish objectives for the cryptocurrency depending on the next price movements.
Solana Price is facing a sharp downtrend amid key support losses
In his recent X-post, Umair said shared a chart analysis, which predicts that Solana price could recover and possibly climb back above $150. He provided detailed insights into tThe recent downward trend of cryptocurrency and highlighted what a potential recovery could look like if the price breaks through key resistance levels.
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According to Umair, Solana’s price action turned sharply bearish after that breaking major support levels and crashed below $80 earlier this week. The analyst noted that SOL lost the $100 Point Of Control (POC) from the January 2024 range. As a result, the price quickly dropped towards the next POC zone between $67 and $73. This decline represented a clear drop of around 27%, highlighting how vulnerable the higher price levels have become over this period broader market weakness.
Following the price drop, Umair reported that Solana showed a modest recovery of 12% from the lower zone. This move confirmed that the area is a high-volume region that can temporarily attract buyers. Despite this, the chart still suggests cautionwhile Solana is already retreating trading volume continues to increase. The analyst emphasized that the combination of rising volume and price declines generally signals downside conviction rather than a V-shaped recovery. So it suggests that SOL’s decline could continuemaking a rapid price turnaround unlikely.
Path to recovery and higher price targets
While the broader technical picture supports a bearish outlook for Solana, Umair still believes in Crypto the cryptocurrency can bring about a recovery to new highs, albeit slowly. He highlighted the former checkpoint around $100.93 as a key level to watch, noting that it now acts as resistance.
According to the analyst, the best-case scenario for Solana would be to build a base within the current range, reverse the daily bullish structure and use that structure as support for any future price recovery. Without this, a sustainable trend reversal is unlikely.
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If SOL breaks above the $100.93 level, Umair Crypto predicts that the next price targets would be $120.59, $128.43, $138.77, and $150.36. In his original analysis, the analyst shared an even higher target, predicting a rise to between $200 and $210 if Solana can maintain momentum above $150.36.
Featured image from Unsplash, chart from TradingView