Can Solana Price Still Reach A New ATH After Crashing To 2-Year Lows?

The cryptocurrency market is currently navigating one of its most turbulent phases in recent history, and Solana (SOL) sits squarely in the eye of the storm. After a brutal week of trading that saw the “Ethereum Killer” spiral to a two-year low of $67, investors are left asking a critical question: Is the bull run over, or is this the ultimate “buy the dip” opportunity before a run to a new All-Time High (ATH)?

As of February 9, 2026, Solana is trading at approximately $85.50, staging a fragile recovery from its recent bottom. However, the path back to its former glory—and potentially beyond the $260 mark—is fraught with technical resistance and macroeconomic headwinds.

The Anatomy of the Crash: What Happened?

The collapse to $67—a price level not seen since late 2023—was not an isolated event but a perfect storm of leverage washouts and macro fear.

Data from CoinGlass reveals that over $300 million in long positions were liquidated in a single 24-hour window earlier this week. One notable “whale” wallet alone reportedly lost over $16 million, fueling a cascade of forced selling that pushed SOL below the psychological support of $70.

“This wasn’t just a correction; it was a leverage reset,” noted a lead analyst from Onchain Lens. “When you see open interest slashed by nearly 45% in days, it indicates that the market is purging speculative excess. While painful, it often precedes a more organic recovery.”

Compounding the issue was a broader market retraction, with the total crypto market cap dipping toward $2.2 trillion. As Bitcoin tested support near $60,000, high-beta assets like Solana bore the brunt of the downside volatility.

The Bearish Case: Is $42 Next?

Despite the bounce back above $80, technical indicators remain precarious. The daily chart shows Solana trading well below its 50-day and 200-day Moving Averages, confirming a decisive bearish trend.

Some analysts are sounding the alarm on a potential “Head and Shoulders” breakdown. If SOLUSDT fails to reclaim the $93-$95 resistance zone soon, the technical structure could target significantly lower levels.

• Key Support: The immediate floor is the recent low of $67. A break below this could open the floodgates toward $42, a level that aligns with historical demand zones from the previous cycle.
• Sentiment: The “Fear & Greed Index” is currently flashing “Extreme Fear” (9/100), suggesting that market confidence is shattered and may take weeks to rebuild.

The Bullish Case: The Path to a New ATH

Contrarian investors, however, view this crash as a massive discount. The “smart money” argument hinges on Solana’s fundamentals, which remain robust despite the price action. Network activity is high, and the ecosystem’s dominance in DeFi and NFT volume continues to rival Ethereum.

Market expert Umair Crypto recently updated his technical outlook, suggesting that while the immediate structure is bearish, a recovery is plausible if Solana can consolidate above $80.

“If SOL can flip the daily structure and reclaim $100.93, we are back in business,” the analyst noted. “The long-term ‘Cup and Handle’ pattern on the monthly chart is still technically valid as long as we don’t close significantly below $60.”

For Solana to target a new ATH (surpassing ~$260) in 2026, it would need to nearly triple from current levels. While this sounds ambitious, historical volatility suggests it is possible. Bullish price targets for late 2026 from firms like InvestingHaven and Pantera Capital still range between $300 and $500, largely driven by speculation around potential Solana ETF approvals and institutional adoption.

What to Watch This Week

Traders should keep their eyes glued to two specific price levels this week:

1. $95.00 (Resistance): A daily close above this level invalidates the immediate bearish thesis and could trigger a short squeeze toward $120.
2. $67.00 (Support): A retest of this low is likely. If it holds, it forms a “Double Bottom” pattern, a classic bullish reversal signal. If it breaks, the panic selling is not over.

Verdict

Can Solana still reach a new ATH? Yes, but not in a straight line. The current crash has reset the market, flushing out weak hands. For the long-term believer, the fundamentals of the Solana blockchain are unchanged. However, the short-term technicals demand caution. The window for a V-shaped recovery is closing; the market now needs to prove it can build a floor before it can think about the ceiling.

Disclaimer: This post is a compilation of publicly available information. MEXC does not verify or guarantee the accuracy of third-party content. Readers should conduct their own research before making any investment or participation decisions.

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