Bybit Analyst Highlights Solana’s Breakout as Altcoin Rally Gains Momentum

Solana (SOL) has recently broken its multi-month downtrend, signaling a potential altcoin rally. Bybit's Master Trader Bluntz, with a following of 321,000, pointed out the technical breakout as SOL surpassed diagonal resistance levels that had constrained its price since May. Currently trading at $152, Solana's ecosystem projects are also showing signs of renewed strength. Additionally, Pudgy Penguins (PENGU), an NFT-linked token, is displaying similar bullish patterns, further fueling Optimism in the market. This development marks a significant shift in sentiment for Solana and the broader altcoin market, as traders anticipate further upside potential.

Solana Breaks Downtrend as Analyst Foresees Altcoin Rally

Solana (SOL) has decisively broken its multi-month downtrend, sparking optimism among traders. Bybit's Master Trader Bluntz alerted his 321,000 followers to the technical breakout, noting SOL's breach of diagonal resistance that had capped prices since May. The altcoin now trades at $152, with ecosystem projects showing renewed strength.

Pudgy Penguins (PENGU), an NFT-linked token, exhibits similar bullish signals after escaping a descending wedge pattern. "Projects within the SOL ecosystem are looking promising again," Bluntz observed, highlighting potential short-term upside across correlated assets. Market watchers now scrutinize whether this marks the beginning of a broader altcoin season.

Crypto Hacks in H1 2025 Exceed $2.2B

The cryptocurrency sector suffered over $2.2 billion in losses during the first half of 2025, eclipsing the entirety of 2024's security breaches. CertiK's latest report highlights 344 on-chain incidents, with wallet compromises alone draining $1.7 billion across just 34 cases. Phishing schemes contributed another $410 million through 132 attacks.

Bybit's February catastrophe—a $1.5 billion staked ETH wallet breach—stands as the period's most devastating exploit. While Cetus Protocol recovered $162 million of its $225 million smart contract loss in May, the surge in Ethereum-targeted attacks ($1.6 billion across 175 incidents) underscores systemic vulnerabilities. Smart contract bugs caused $229 million in May damages, a 45-fold increase from April.

France emerged as a hotspot for physical crypto crimes, including an abducted Paymium executive's family. Though $187 million was reclaimed through collaborative recoveries, the escalation in both technical sophistication and real-world violence signals an industry at an inflection point. Private key mismanagement remains the Achilles' heel.