Can Solana Price Still Reach A New ATH After | Crypto News
Market knowledgeable Umair Crypto has launched an up to date technical analysis on the Solana price from last week. In his new report, the analyst highlighted that Solana’s market construction still stays decisively bearish, particularly after its latest crash to two-year lows. Despite the downtrend, Umair Crypto believes that Solana may still construct enough momentum to attain larger ranges. He has shared a number of bullish and a few bearish targets for the cryptocurrency, relying on its next price actions.
Solana Price Faces Sharp Downtrend Amid Key Support Losses
In his latest X post, Umair shared a chart analysis, predicting that the Solana price may get well and doubtlessly climb back above $150. He supplied detailed insights into the cryptocurrency’s latest downtrend and highlighted what a potential recovery would possibly seem like if the price breaks through key resistance ranges.
According to Umair, Solana’s price motion turned sharply bearish after breaking key assist ranges and crashing below $80 earlier this week. The analyst famous that SOL misplaced the $100 Point Of Control (POC) from the January 2024 vary. As a end result, the price rapidly dropped toward the next POC zone between $67 and $73. This decline represented a clean transfer downward of about 27%, highlighting how fragile larger price ranges have change into amid broader market weak spot.
Following the price drop, Umair reported that Solana staged a modest 12% bounce from the decrease zone. This motion confirmed the realm as a volume-heavy area succesful of briefly attracting patrons. Despite this, the chart still indicators warning, as Solana is already pulling back while trading quantity continues to increase. The analyst emphasised that the mix of rising quantity and price declines usually signifies a draw back conviction quite than a V-shape recovery setup. Consequently, it suggests that SOL’s decline may continue, making a fast price reversal unlikely.
Path To Recovery And Higher Price Targets
While the broader technical image helps a bearish outlook for Solana, Umair Crypto still believes the cryptocurrency can stage a recovery to new highs, albeit slowly. He marked the previous level of control close to $100.93 as a key stage to watch, noting that it now acts as a resistance.
According to the analyst, the best-case state of affairs for Solana can be to construct a base within its current vary, flip its daily bullish construction, and use that construction as assist for any future price recoveries. Without this, any sustained development reversal is unlikely.
If SOL breaks above the $100.93 stage, Umair Crypto predicts the next price targets can be $120.59, $128.43, $138.77, and $150.36. In his unique analysis, the analyst shared an even larger goal, forecasting a surge to between $200 and $210 if Solana can preserve momentum above $150.36.
Featured image from Unsplash, chart from TradingView
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