Solana News Today: Crypto Market Cap Up 2.68% Bitcoin Nears $120,000

The crypto market is showing signs of recovery, with the total market cap up 2.68% and Bitcoin nearing $120,000 while Ethereum is trading steadily above $3,150. While major cryptocurrencies are grabbing attention, several smaller tokens are also poised for significant gains. Here are three tokens that could outperform in the short term.

Optimism (OP) is one of the best crypto to buy now, currently trading near $0.71 after a 10.5% rally in the past 24 hours. The token is attempting to break above key resistance at $0.723, with potential targets at $0.844, $0.935, and $1.044. A wedge breakout on the daily timeframe and a falling broadening wedge pattern suggest a bullish reversal, supported by rising volume. Optimism’s DeFi scene is also heating up, with a nearly 15% monthly jump in Total Value Locked (TVL), ranking it 17th among all chains for DeFi activity. However, if Optimism fails to stay above $0.638, the bullish setup weakens, and further downside toward $0.401 becomes likely.

BONK, Solana’s homegrown meme coin, has rallied over 110% month-on-month and is now trading near $0.0000033. A trend-based Fibonacci extension shows BONK targeting 1.618 at $0.000003868 and 2.618 at $0.000005554, indicating nearly 68% upside from current levels. Whale activity shows multiple whales have been buying BONK heavily this week, backing the rally with real volume. BONK also broke through a three-month downtrend last month, flipping major resistance zones into support. If buyers defend the breakout, the rally could stretch longer. However, if BONK falls below the 0.618 Fibonacci level at $0.000002182, the bullish thesis weakens, and we could see a return to the $0.0000020 zone.

Solana (SOL) is quietly setting up for a significant move, currently trading around $167. If it clears the 0.5 level at $172, it could path toward $198 and even $218. Solana’s 20-day EMA has already crossed above the 50-day and 100-day EMAs, setting up a rare triple golden crossover, a strong bullish sign for momentum traders. Triple crossovers suggest that short, mid, and long-term sentiment is aligned, confirming strong upside. DeFi activity also supports the price action, with Solana’s DeFi TVL growing over 10% this month. However, if SOL dips below the 0.236 Fibonacci support at $148, the triple crossover setup breaks down, and Solana could slip back into a bearish range.