SOL, XRP Lead Market Gains as Bitcoin Struggles to Hold $84K
Solana (SOL) and XRP were among the top-performing major cryptocurrencies on Saturday, each climbing 5%–7% over the past 24 hours, while Bitcoin (BTC) continued to face resistance around the $84,000 mark.
SOL’s 7% surge followed the conclusion of the controversial SIMD-0228 governance vote late Thursday, which resulted in the rejection of proposed changes to Solana’s inflation schedule. The proposal, which saw the highest voter turnout in Solana’s history, was heavily debated, with critics arguing that passing it could disrupt the network’s growing DeFi ecosystem and discourage institutional adoption.
Meanwhile, XRP’s 5% rise came after a strong week for Ripple Labs. The company secured a payments license in the UAE, expanding its global footprint. Additionally, sources indicate that Ripple is nearing a resolution in its prolonged legal battle with the U.S. Securities and Exchange Commission (SEC), fueling optimism among investors.
Memecoins Rally Amid Bitcoin’s Sideways Trading
While Bitcoin remained relatively flat, memecoins experienced a strong rally on Friday. Toshi (TOSHI), Pepecoin (PEPE), and Dogecoin (DOGE) saw double-digit gains, with some smaller-cap tokens soaring even higher.
TOSHI, built on the Base network, jumped 38%, while PEPE briefly gained 12% before retreating. Another Base-based token, KEYCAT, surged over 100% after announcing a partnership with Acheron Trading as its official market maker, aiming to improve liquidity and expand exchange listings.
The broader memecoin rally suggests a shift in trader sentiment, with investors seeking high-risk, high-reward opportunities while Bitcoin consolidates.
Bitcoin’s Outlook: Rate Cuts and Macro Factors in Focus
Bitcoin ended the week down 3%, showing some resilience compared to previous weeks when extreme volatility saw it swing between $75,000 and $95,000. Since its January peak above $108,000, BTC remains down roughly 20%.
Market participants continue to monitor macroeconomic factors, including potential interest rate cuts and ongoing geopolitical tensions, for direction.
“The recent cooling in inflation strengthens the case for potential rate cuts later this year,” said Agne Linge, head of growth at WeFi. “However, escalating trade war concerns and economic uncertainty add complexity to the Federal Reserve’s policy outlook.”
BTC has exhibited significant price swings over the past two weeks, moving between $79K and $85K as traders react to macroeconomic developments. This volatility highlights Bitcoin’s increasing correlation with risk assets rather than acting as a traditional store of value.
FxPro’s chief market analyst, Alex Kuptsikevich, noted that Bitcoin needs a decisive break above $89,000 to regain a bullish outlook. “Only a sustained move above the 200-day moving average would signal a return to growth,” Kuptsikevich said. “For now, price action remains choppy, with bears regaining control around the $83,500 level.”
With macro uncertainties still dominating market sentiment, traders remain cautious as Bitcoin attempts to establish a more stable footing.
