Market expert Umair Crypto has released an updated technical analysis on the Solana price from last week. In his new report, the analyst highlighted that Solana’s market structure still remains decisively bearish, especially after its recent crash to two-year lows. Despite the downtrend, Umair Crypto believes that Solana could still build enough momentum to reach higher levels. He has shared multiple bullish and a few bearish targets for the cryptocurrency, depending on its next price movements. Solana Price Faces Sharp Downtrend Amid Key Support Losses In his recent X post, Umair shared a chart analysis, predicting that the Solana price could recover and potentially climb back above $150. He provided detailed insights into the cryptocurrency’s recent downtrend and highlighted what a potential recovery might look like if the price breaks through key resistance levels. Related Reading: Polygon Hits $3.50 Billion In Payments As Crypto Activity Expands According to Umair, Solana’s price action turned sharply bearish after breaking key support levels and crashing 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 toward the next POC zone between $67 and $73. This decline represented a clean move downward of about 27%, highlighting how fragile higher price levels have become amid broader market weakness. Following the price drop, Umair reported that Solana staged a modest 12% bounce from the lower zone. This movement confirmed the area as a volume-heavy region capable of temporarily attracting buyers. Despite this, the chart still signals caution, as Solana is already pulling back while trading volume continues to increase. The analyst emphasized that the combination of rising volume and price declines typically indicates a downside conviction rather than a V-shape recovery setup. Consequently, it suggests that SOL’s decline could continue, making a quick price reversal unlikely. Path To Recovery And Higher Price Targets While the broader technical picture supports a bearish outlook for Solana, Umair Crypto still believes the cryptocurrency can stage a recovery to new highs, albeit slowly. He marked the former point of control near $100.93 as a key level to watch, noting that it now acts as a resistance. According to the analyst, the best-case scenario for Solana would be to build a base within its current range, flip its daily bullish structure, and use that structure as support for any future price recoveries. Without this, any sustained trend reversal is unlikely. Related Reading: Bitcoin Edges Past Gold In Appeal, JPMorgan Says If SOL breaks above the $100.93 level, Umair Crypto predicts 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, forecasting a surge to between $200 and $210 if Solana can maintain momentum above $150.36. Featured image from Unsplash, chart from TradingView
