Solana, the sixth-largest cryptocurrency by market capitalization, might be poised for growth due to a potential "cup-and-handle" pattern formation, indicative of bullish market sentiment.
Cup-and-Handle Pattern Analysis
Crypto analyst Ali has identified a "cup-and-handle" pattern forming in Solana, which could lead to a substantial price increase. If confirmed, the price could surge to $3,800, representing approximately a 2,940% increase from current levels.
Short-term Solana Outlook
However, a "death cross" on Solana's daily chart may indicate potential declines. If support levels between $125 and $110 aren't maintained, prices could fall to $80.
Impact of New Financial Instruments
The introduction of Solana futures contracts by CME starting March 17 could positively impact the market, offering new investment opportunities.
Despite short-term risks, Solana's long-term growth potential remains strong due to new financial instruments and technical indicators.
