The total crypto market capitalization soared to a record $4.16 trillion on Wednesday, Aug. 13, marking a nearly 10% gain for the week as Bitcoin reclaimed the $120K milestone and Ethereum edged closer to its own all-time high. The rally comes amid what many see as a new bull phase, following years of consolidation and steady recovery.
Gains were fueled by a mix of macroeconomic tailwinds, easing trade tensions, and rising expectations of a U.S. Federal Reserve rate cut. Odds of a rate reduction spiked after weak non-farm payroll data pointed to stalled hiring, compounded by concerns over Donald Trump’s proposed tariffs. Sentiment strengthened further when July CPI data showed headline inflation at 2.7% and core inflation at 3.1%.
Polymarket now pegs the probability of a Fed rate cut this year at 94%, while CME Fed futures place the odds above 87%. Adding to the bullish mood, the U.S. announced a 90-day delay on new tariffs against China, extending the deadline to Nov. 10 and easing geopolitical tensions between the world’s two largest economies.
By late Wednesday, Bitcoin was up 1.6% at $120,203, and Ethereum had surged nearly 10%. However, gains were not uniform—larger projects saw stronger inflows, with SOL advancing sharply, while Story Protocol’s IP token declined on the weekly chart.
Solana price analysis
Solana jumped 15% in the past 24 hours, breaking above $200 for the first time this month and extending its rebound to 28% from its monthly low.
On the chart, SOL is trading within a rising wedge pattern — two upward-sloping trendlines narrowing over time. The formation coincides with a golden cross, where the 50-day moving average has moved above the 200-day, a signal many traders interpret as strongly bullish.
A close above $213 would confirm a breakout from the wedge, potentially opening the door for a rally toward $252 — a level aligning with the 78.6% Fibonacci retracement.
That said, rising wedges are often seen as bearish reversal patterns. If buyers fail to sustain momentum above $213, SOL could instead retrace toward the $175 area.
Story protocol price analysis
Story gained 2.7% over the past 24 hours but still traded 17% below its weekly peak of $6.95.
On the daily chart, the token had been moving within a rising channel since early July. As of press time, it has slipped below the channel’s lower trendline — a development that often signals a potential bearish reversal and the beginning of a downward trend.
Meanwhile, the Supertrend indicator has turned green as the price slipped below it, signaling a sell and reinforcing the bearish bias. The Relative Strength Index (RSI) has rebounded from 53, indicating a slight easing in selling pressure, though without confirming strong bullish momentum.
Following the breakdown from the rising channel, IP could slide toward the next target at $4.10. A decisive drop below that level may open the way to the key support zone around $2.40.
Conversely, a rebound to $6.30 by the close of the session would invalidate the bearish setup and point to a potential resumption of the prior uptrend.
