Crypto Rally Cools? Bitcoin Hits $80K, Solana Surges, Momentum Signals Turn Cautious

Bitcoin climbed above $80,000 today, rising 4.1% for the day and more than 25% over the past week, driven by the Treasury’s plan to expand bond buybacks.

Solana led major tokens with an 8% daily jump, pushing its weekly gain to nearly 35%, while Ethereum, XRP, and BNB also posted strong weekly performances.

Momentum Indicators Flash Caution

Despite the rally, analysts note Bitcoin’s momentum indicator has climbed into overbought territory, suggesting the price may pause or pull back after such a sharp move. Selling pressure is expected between $78,500 and $82,000, with potential buying support forming lower if the price corrects.

Broader Market Catalysts in Focus

Solana’s rally coincides with validator votes on proposals to slow new token issuance and increase daily burns. Meanwhile, the wider crypto rally traces back to Treasury Secretary Scott Bessent’s bond buyback expansion, reviving investor interest in assets seen as protection against currency devaluation. Traders are also watching upcoming events, including Federal Reserve Chair Kevin Warsh’s Jackson Hole speech and key economic data releases.