Market expert Umair Crypto has published an updated technical analysis on last week’s Solana price. The analyst highlighted this in his novel report Solana’s market structure remains decidedly bearishespecially after the recent crash to two-year lows. Despite the downtrend, Umair Crypto believes that Solana can still gain enough momentum to reach higher levels. He shared multiple bullish and some bearish targets for the cryptocurrency, depending on its next price movements.

Solana price is facing a keen downtrend amid key support losses

In his last post on X Umair common chart analysis predicting that Solana’s price may rebound and potentially rise above $150. He provided detailed information on tcryptocurrency’s recent downtrend and highlighted what a potential rebound could look like if the price breaks through key resistance levels.

According to Umair, after this action, Solana’s price action dropped sharply breaking key support levels and earlier this week it fell below $80. The analyst noted that SOL lost its $100 point of control (POC) from its January 2024 range. As a result, the price quickly dropped towards the next POC zone between $67 and $73. This decline represented a clear downward move of around 27%, highlighting how breakable the higher price level has become broader market weakness.

Following the price decline, Umair reported that Solana saw a modest 12% rebound from the lower zone. This move confirmed that this area is a high-volume region capable of temporarily attracting buyers. Despite, the chart still signals cautionbecause Solana is already retreating trading volume is constantly growing. The analyst emphasized that the combination of rising volume and falling prices usually indicates a downside belief rather than a V-shaped recovery setup. As such, this suggests The decline in SOL may continuemaking a quick price reversal unlikely.

Path to economic recovery and higher price targets

While the broader technical picture confirms a bearish outlook for Solana, Umair Crypto still believes in it Cryptocurrency may see a revival to novel heights, albeit slowly. He noted that the previous breakpoint near $100.93 is a key level to watch, noting that it is currently acting 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 utilize this structure to support a future price rebound. Without this, a lasting trend reversal is unlikely.

If SOL breaks above $100.93, Umair Crypto anticipates the next price targets to be $120.59, $128.43, $138.77, and $150.36. In his original analysis, the analyst set an even higher target, forecasting an upside to $200 to $210 if Solana maintains momentum above $150.36.

Featured image from Unsplash, chart from TradingView