Rangers suffered a disappointing 2-0 defeat at home to Slavia Prague on Thursday night and bowed out of the Europa League for the ongoing campaign.
The Gers were aiming to reach the quarter-finals of the competition for the first time since 2008, but a solid Slavia Prague side outclassed them over two legs.
Lovenkrands insisted that the European disappointment should not mask the fact that Rangers are having a fantastic season and their domination of the Scottish Premiership is brilliant on its own.
He stressed that Rangers should look back at the season fondly and pointed out that there is still more to play for in the final months of the campaign.
The former Rangers star said on BBC Sportsound: “You can only be proud of what they have done so far, they have had a fantastic season.
“How they have won the league is incredible on its own and how far ahead they are points wise is fantastic.
“They have been on a fantastic run in Europe and like last year, they came up against an opposition who caused problems – Leverkusen did last time and Slavia Prague did the same this time.
“They have had a fantastic season looking back and there is still more to play for.”
They have already won the Scottish Premiership and they still have a chance to win one more trophy in the form of the Scottish Cup.
