Market analysts are closely monitoring Solana's price action as the cryptocurrency faces significant bearish pressure, having recently crashed to two-year lows. Technical expert Umair Crypto released an updated analysis highlighting that Solana's market structure remains decisively bearish, particularly after breaking below key support levels earlier this week.
According to Umair's chart analysis, SOL lost the crucial $100 Point Of Control (POC) from the January 2024 range, leading to a rapid 27% decline toward the next POC zone between $67 and $73. Despite a modest 12% bounce from this lower zone, the analyst warns that rising trading volume alongside price declines typically indicates downside conviction rather than a V-shape recovery setup.
Renowned analyst Ali Martinez has identified $74.11 as a critical target price and psychological battlefield for Solana. Martinez notes that SOL has broken below a six-month upward trendline that served as consistent support since Q4 2023, shifting market sentiment from "buy the dip" to caution. The chart shows SOL bouncing from a low of $67.29, now positioned between the $74 resistance and next major support at approximately $50.18.
Umair Crypto outlines a potential recovery path, marking the former point of control near $100.93 as a key resistance level to watch. The analyst suggests the best-case scenario involves SOL building a base within its current range, flipping its daily bullish structure, and using that as support for future recoveries. If SOL breaks above $100.93, Umair predicts subsequent targets at $120.59, $128.43, $138.77, and $150.36, with an even higher target between $200 and $210 if momentum sustains above $150.36.
Despite the bearish price action, analysts note that Solana's ecosystem continues to demonstrate resilience. The platform frequently leads decentralized exchange (DEX) trade volumes and remains a preferred choice for Web 3.0 projects due to its high performance and low transaction costs. However, macroeconomic uncertainty has created a disconnect between network utility and price performance across altcoins.
For a sustained upward reversal, analysts emphasize the need for consolidation above support and a "fake-out" move back above the breakdown trendline. Reclaiming the $120.07 level would confirm continued long-term bullishness, while failure could lead to deeper retracements toward $33.98 or even $19.50—levels that served as foundational support during early accumulation phases.
