🚀 Bitcoin Soars to $120K While IP Crashes 17% – Solana Defies Gravity in Wild Crypto Session

Crypto markets delivered whiplash volatility today as major assets diverged sharply. Bitcoin cemented its dominance with a surge to $120,000 – while IP investors got steamrolled by a brutal 17% haircut.

Solana (SOL) emerged as the session's dark horse, posting double-digit gains as traders rotated out of underperforming altcoins. The Layer 1 token continues eating Ethereum's lunch in the smart contract wars.

Meanwhile, traditional finance dinosaurs muttered about 'price stability' between sips of their $8 artisanal coffee. Newsflash, boomers – volatility is the feature, not the bug.

Solana price analysis

Solana price (SOL) has risen 15% over the past 24 hours, and was trading above $200 for the first time this month. Today’s rally has extended its gains to 28% from its monthly low.

On the chart, SOL’s price action has taken shape within a rising wedge — two upward-sloping trendlines gradually converging toward each other. The setup comes alongside a golden cross, where the 50-day moving average has climbed above the 200-day, a move traders often view as a strong bullish signal.

If buyers succeed in pushing the price above $213 by the close of the session, it WOULD confirm a breakout from the rising wedge. Such a breakout could set a potential target of $252, a level that coincides with the 78.6% Fibonacci retracement.

However, it should be noted that a rising wedge is typically considered a bearish reversal pattern. As such, if momentum fails to hold above $213, SOL could face a pullback toward the $175 region in its next move.

Story protocol price analysis

While Story (IP) was up 2.7% in the past 24 hours, it remained 17% below its weekly high of $6.95.

On the daily chart, the token had been trading within a rising channel pattern since early July. As of press time, it has broken below the channel’s lower trendline, a move that typically signals a potential bearish reversal and the start of a downward trend.

Meanwhile, the Supertrend indicator has shifted to green as the price moved below it, indicating a sell signal and reinforcing the bearish outlook. The Relative Strength Index (RSI) is recovering after dipping to 53, suggesting that selling pressure is easing slightly but not yet pointing to strong bullish momentum.

Based on the breakdown from the rising channel, IP could continue falling toward the next target of $4.10. A drop below that level could open the path to the key support zone NEAR $2.40.

However, if the token rebounds to $6.30 by the end of the session, it could invalidate the bearish setup and signal a potential return to the prior uptrend.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.