Why Solana surged while Bitcoin remained stagnant

▲ 솔라나(SOL)/AI 생성 이미지 ©

Solana (SOL) surged over 3% even as Bitcoin remained stagnant, driven by strong on-chain metrics and anticipation for the Alpenglow network upgrade.

According to CoinMarketCap, a cryptocurrency market data aggregator, on August 9 (local time), Solana recorded a 3.43% increase over 24 hours, reaching $76.15. During the same period, Bitcoin (BTC) only rose by 0.09%, indicating that Solana significantly outperformed the market average.

Market analysis highlighted Solana's network revenue reaching $82.9 million and its stablecoin supply hitting an all-time high of $15.7 billion. The active ecosystem growth, combined with expectations for the Alpenglow upgrade, was seen as providing momentum for the price increase. Official confirmation of future upgrade schedules and details was cited as a key factor to watch.

The derivatives market and technical trends also contributed to the bullish sentiment. Solana's perpetual futures open interest recently surpassed $500 million, reaching a 9-month high. The price also broke out of a multi-month downtrend, closing above the key resistance zone of $75-$76, signaling a shift in investor sentiment.

In the short term, whether the $75 support holds will determine the sustainability of the uptrend. If this price level is maintained, there is a high probability of retesting $79, where the 100-day moving average is located. A daily close above $79, in particular, could be interpreted as a further bullish signal.

Conversely, if it falls below $75, this technical breakout would be invalidated, potentially leading to a correction down to the $72-$73 support zone. Key factors determining the short-term direction are whether Solana can convert $75-$76 into new support and challenge the $79 barrier while maintaining $500 million in open interest.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*