Can Solana Price Still Reach A New ATH After Crashing To 2-Year Lows?
Market knowledgeable Umair Crypto has launched an up to date technical evaluation on the Solana worth from final week. In his new report, the analyst highlighted that Solana’s market structure still remains decisively bearish, particularly after its latest crash to two-year lows. Despite the downtrend, Umair Crypto believes that Solana may nonetheless construct sufficient momentum to achieve larger ranges. He has shared a number of bullish and some bearish targets for the cryptocurrency, relying on its subsequent worth actions.
Solana Price Faces Sharp Downtrend Amid Key Support Losses
In his latest X submit, Umair shared a chart evaluation, predicting that the Solana worth may recuperate and doubtlessly climb again above $150. He offered detailed insights into the cryptocurrency’s recent downtrend and highlighted what a possible restoration would possibly appear to be if the worth breaks by way of key resistance ranges.
According to Umair, Solana’s worth motion turned sharply bearish after breaking key support levels and crashing beneath $80 earlier this week. The analyst famous that SOL misplaced the $100 Point Of Control (POC) from the January 2024 vary. As a outcome, the worth rapidly dropped towards the subsequent POC zone between $67 and $73. This decline represented a clear transfer downward of about 27%, highlighting how fragile larger worth ranges have grow to be amid broader market weakness.
Following the worth drop, Umair reported that Solana staged a modest 12% bounce from the decrease zone. This motion confirmed the realm as a volume-heavy area able to briefly attracting consumers. Despite this, the chart still signals caution, as Solana is already pulling again whereas trading volume continues to increase. The analyst emphasised that the mixture of rising quantity and worth declines usually signifies a draw back conviction somewhat than a V-shape restoration setup. Consequently, it means that SOL’s decline could continue, making a fast worth reversal unlikely.
Path To Recovery And Higher Price Targets
While the broader technical image helps a bearish outlook for Solana, Umair Crypto nonetheless believes the cryptocurrency can stage a recovery to new highs, albeit slowly. He marked the previous level of management close to $100.93 as a key stage to observe, noting that it now acts as a resistance.
According to the analyst, the best-case state of affairs for Solana could be to construct a base inside its present vary, flip its each day bullish construction, and use that construction as help for any future worth recoveries. Without this, any sustained development reversal is unlikely.
If SOL breaks above the $100.93 stage, Umair Crypto predicts the subsequent worth targets could be $120.59, $128.43, $138.77, and $150.36. In his unique evaluation, the analyst shared an excellent larger goal, forecasting a surge to between $200 and $210 if Solana can keep momentum above $150.36.
Featured picture from Unsplash, chart from TradingView
