Market analyst Umair Crypto released an updated technical analysis on Solana’s price from last week. In his new report, the analyst highlighted that Solana’s market structure is still in fluxespecially after its most recent two-year downward spiral. Despite the downtrend, Umair Crypto believes that Solana can still build enough momentum to reach higher levels. He shared many bullish intentions and a few negative ones for cryptocurrency, depending on the next price movement.
Solana Price Faces Sharp Downtrend Amid Loss of Key Support
In his latest X post, Umair shared chart analysis, which predicts that the price of Solana may recover and may rise back above $150. He gave detailed information on tthe latest decline in 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 has changed significantly in the background breaching key support levels and crashed below $80 earlier this week. The analyst noted that SOL lost the $100 Point Of Control (POC) from the range of January 2024. As a result, the price quickly fell towards the next POC area between $67 and $73. This decline represents a net decline of about 27%, highlighting how fragile price levels have been during broader market weakness.
After the price drop, Umair reported that Solana made a 12% drop from the low point. This move has confirmed the area as a very difficult region to attract buyers for a while. Despite this, the chart still shows cautionsince Solana has already retreated a little trading volume continues to grow. The analyst emphasized that the combination of rising volume and falling price usually indicates a contrary belief instead of a V-shaped recovery setup. Therefore, it suggests that The decline in SOL can continuewhich makes quick price changes impossible.
Acquisition Methodology and High Price Objectives
Although the broader technical picture supports Solana’s bearish view, Umair Crypto still believes cryptocurrency can include returns to a new height, or less. Marking the previous control area near $100.93 as an important level to watch, he noted that it now acts as resistance.
According to the analyst, Solana’s best case scenario would be to build a base within its current range, reverse its daily bullish structure, and use that structure as support for any future price recovery. Without this, any stable trend reversal is impossible.
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If SOL breaks above the $100.93 level, Umair Crypto predicts the next target price will be $120.59, $128.43, $138.77, and $150.36. In his original analysis, the analyst shared a higher target, predicting an increase to between $200 and $210 if Solana can maintain momentum above $150.36.
Featured image from Unsplash, chart from TradingView
