Bitcoin Climbs Back Above $80,000 as Ethena Surges 28% and Solana Extends Rally

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Bitcoin reclaimed the $80,000 level on Aug. 28, trading at $80,351.03, up 1.86% from the previous day as the cryptocurrency market extended its recovery. Ethena led all major tokens with a 27.59% surge, while SPX6900 posted the largest decline at 4.89%. Solana gained 5.79% to $107.64, building on a 40% weekly rally supported by eight consecutive days of spot ETF inflows and renewed whale activity. Ethereum held near $2,500, with analysts debating whether a decisive break above that level could trigger a move toward $3,000. Bitcoin’s outlook remains contested, with some traders warning of a potential slide below $60,000 if the asset fails to clear resistance near $82,000 to $83,000, while CryptoQuant suggested current conditions may represent the early phase of a bull market.

Key Elements

Bitcoin pushed back above the $80,000 threshold on Aug. 28, extending a broader recovery across digital assets while Ethena posted the largest single-day gain among the top 100 cryptocurrencies by market value.

The world’s largest cryptocurrency traded at $80,351.03 as of 11:00 a.m. KST, up 1.86% from the previous day, according to market data from CoinMarketCap. Ethereum edged 0.24% higher to $2,507.62, holding just above the $2,500 level that traders have identified as a key inflection point.

Ethena’s ENA token led the market with a 27.59% surge, while SPX6900 fell 4.89% to record the steepest decline among major assets. XRP gained 1.96% to $1.44, and Solana climbed 5.79% to $107.64, building on a weekly advance of roughly 40% that has made it one of the standout performers in the current rally.

Solana’s Momentum Builds

Solana’s native token touched nearly $110 earlier in the day, its highest level since January, before settling around $105 to $107. The asset’s market capitalization now stands at roughly $61 billion, according to CoinGecko data cited in a separate market roundup.

Institutional demand has provided meaningful support. Spot SOL exchange-traded funds have posted eight consecutive days of net inflows, a streak last seen in May 2026, according to data from SoSoValue. The return of large holders to the ecosystem has added further momentum, with some whales deploying millions of dollars to re-enter positions.

Analyst sentiment on social platform X skews bullish. Trader Daan Crypto Trades said the outlook “looks good” as long as SOL holds above $98, while another market commentator going by SKYLINE argued it is “only a matter of time” before the token pushes beyond $150. A more aggressive forecast from user Fuel envisions an eventual climb to $1,000, though trader Sweep cautioned that a pullback to $70 cannot be ruled out before any parabolic advance.

Ethereum’s Critical Test at $2,500

Ethereum briefly broke above $2,500 in early trading before retreating slightly below the mark, a level that several analysts view as a potential trigger for a sustained uptrend. X user Gerla suggested that a clean break higher could signal the start of a new bull phase, while trader Ted said a weekly close above $2,550 could set the stage for a move toward $3,000.

On-chain data lends some support to the bullish case. Holdings on centralized exchanges have declined by 1.4 million ETH since June, according to analytics firm Santiment, reducing the supply readily available for sale and easing immediate selling pressure.

Not everyone is convinced. X user Nonzee, who has previously projected a short-term Bitcoin decline to $45,000, said Ethereum could fall as far as $1,500 before staging a meaningful recovery.

Bitcoin’s Path Forward Remains Contested

Bitcoin’s push above $80,000 represents a notable recovery from levels seen earlier in August, but analysts remain divided on whether the advance can hold. Gerla cautioned that BTC needs a decisive break above $82,000 or risks sliding below $60,000. Trader cyclop offered a similar warning, saying failure to sustain levels above $83,000 could lead to a drop toward $50,000 by November.

CryptoQuant struck a more optimistic note, arguing that current conditions may represent the early phase of a bull market. The analytics platform added that a daily close above $83,000 would be required to confirm the thesis.

Among other major tokens, Tron rose 0.91% to $0.3388, Dogecoin gained 1.67% to $0.08877, and Avalanche advanced 1.57% to $7.50. Worldcoin added 1.50% to $0.4159, while World Liberty Financial declined 4.04% to $0.06054. Smaller movers included QUAI, which slipped 1.06% to $0.01037, and ALEO, up 1.03% to $0.01775. CoinMarketCap also listed GTA6CAT as a newly added cryptocurrency over the past 24 hours.

The divergence in analyst outlooks underscores the uncertainty still hanging over the market despite the week’s gains. While institutional inflows into Solana products and declining exchange balances for Ethereum point to improving fundamentals, the failure of Bitcoin to decisively clear resistance in the low $80,000s leaves room for a renewed pullback, a risk that several traders continue to flag.

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Source: finance.biggo.com