Solana’s eye breakouts amid cup and handle patterns and market volatility

• The cup and handle pattern on Solana’s weekly chart suggests that if bullish breakouts are confirmed, it could push the price to $3,800.
• Solana recently fell to $112 in the face of a fifth consecutive day of decline, but remains an all-time high since January.
• Institutional interest is growing as COINBASE launched Solana Futures on March 17th, following the introduction of SOL derivatives in February.

Solana displays a clear signal that develops into the formation of cups and handles well known on its charts, whilst maintaining its position as the sixth largest cryptocurrency by market capitalization. It is possible that Solana will experience a significant up-price movement when assessing patterns according to Crypto Analyst Ali analysis.

The weekly time frame shows an enlarged shape of the bottom that forms the “handle” section with a mild price drop. The bullish structure could trigger Solana to jump to its expected price target of $3,800, as confirmed in this forecast, representing a surge of 2,940% compared to current market rates.

Market trends and price fluctuations

Solana’s optimistic market outlook encounters significant price volatility. Cryptocurrency reached the price of $112 as the weakest point in about a year after a five-day straight market declined. Solana has maintained its trading value at $125 over the past 24 hours, showing a 1.39% market decline.

Crypto Market conditions drive Solana’s performance as the coin holds a position well below its historic peak in January. The platform serves as an essential platform for Memecoin developers who have experienced challenges due to recent market fluctuations.

The Death Cross raises bearish concerns

Although the future looks promising that Solana faces short-term challenges for her performance in the future. The formation of the death cross on Solana’s daily chart shows a bearish signal to market analysts as it shows a 50-day moving average immersion on the 200-day moving average.

Technical indicators formed a pattern that increased the weakness of the market on March 12th. Supporting under $125 could potentially bring Solana to $80. This diverse support within this current price range provides opportunities for market recovery against the threat of additional price drops.

Institutional interest in Solana is expanding

Market interests of institutional investors continue to grow as we observe Solana’s price patterns. The Chicago Mercantile Exchange (CME) scheduled the launch of its Solana futures contract on March 17th.

The recent derivative launch at Coinbase in February continues with Solana Derivatives institutions as major financial institutions have shown substantial interest.