Solana News Today: Bitcoin Drops 3.7% as Altcoin Index Hits 42, BNB and Solana Surge 67% and 100%

The altcoin season index has retreated to 42, down from a year-to-date high of 55, but remains elevated from its annual low of 16. Meanwhile, Bitcoin (BTC) trades in a tight range near $118,000, a 3.7% decline from its 2024 peak. Technical indicators suggest a potential rebound to BTC’s all-time high, which could catalyze broader altcoin gains. Three tokens—Binance Coin (BNB), Pi Network (PI), and Solana (SOL)—are highlighted for their bullish patterns and market dynamics.

BNB has surged 67% from its April lows and formed a cup-and-handle pattern, signaling a target of $1,080 [1]. The token has breached key moving averages and benefits from the BSC network’s total value locked rising to $10 billion, its highest since 2022 [2]. Solana, up 100% from April’s $95.67 to $191, has crossed above $187 resistance and formed a golden cross, with bulls eyeing a 53% rally to $294 [3]. Pi Network, despite weak fundamentals and monthly supply dilution, has carved a double-bottom and falling wedge pattern, hinting at a potential rebound toward $1.6693 if it clears the $1 resistance level [4].

The article notes additional altcoins poised for growth in a bull market, including meme tokens like Dogwifhat and utility coins such as Hedera Hashgraph. However, Pi Network’s success hinges on a listing on major exchanges, which could trigger a short squeeze.

Sources:

[1] [Binance Coin Price Analysis] [https://coinmarketcap.com/community/articles/68877b403c1f324d51532f39/]

[2] [BSC Network Metrics] [https://coinmarketcap.com/community/articles/68877b403c1f324d51532f39/]

[3] [Solana Technical Indicators] [https://coinmarketcap.com/community/articles/68877b403c1f324d51532f39/]

[4] [Pi Network Chart Patterns] [https://coinmarketcap.com/community/articles/68877b403c1f324d51532f39/]