Bitcoin Holds Above $80K Amid Bearish Coinbase Outlook, Solana Shows Strength

After weeks of downward pressure, Bitcoin has rallied above $80,000 while Solana has surged 36% from recent lows, signaling potential

Bitcoin price has risen above the $84,000 mark following a recent decline, while Solana has increased by 36% from its recent lows, indicating that the crypto market may be stabilizing despite low liquidity and institutional outflows.

After several weeks of declining volumes and price pressure, the cryptocurrency market is exhibiting early signs of recovery. As Coinbase data shows, the altcoin market cap decreased by 41% from December 2024 highs of $1.6 trillion to $950 billion by mid-April, and venture capital funding for crypto ventures decreased by 50–60% from 2021–22 levels.

Despite these concerning statistics, Bitcoin has recovered from its local bottom around $75,000 in early April, and it is now trading above $84,000.

As the world’s leading cryptocurrency faces an uncertain future, opinions vary widely on whether this is a true recovery or just a short-term rally. Some experts believe that the recent bounce in Bitcoin price is a sign of a broader trend reversal, while others remain skeptical.

Measuring the 30-day net difference between exchange inflows and outflows, the apparent demand for Bitcoin is now showing early signs of recovery following a prolonged plunge into negative territory. Still, compared to past bull market times, Bitcoin daily trade volumes are now ranging just 30,000 BTC (spot) and 400,000 BTC (derivatives).

Can Bitcoin stay above $84,000?

Bitcoin BTC/USD has attracted support above the $80,000 level; bulls are aiming to build a higher bottom at $83,000. The digital asset must be forcefully broken out from its crucial resistance zone between $86,300 and $86,500 to restore short-term bullish momentum and potentially spark a rally towards $95,000.

Industry analysts highlight several positive factors that could support further Bitcoin recovery. In a pattern typically accompanying significant price shifts, the “US vs. off-shore ratio”—examining token transfer volumes between U.S.-regulated and offshore exchanges—shows U.S. exchanges reclaiming dominance.

Also, Bitcoin exchange reserves have decreased to 2018 levels with just 2.43 million BTC held on exchanges compared to 3.4 million in 2021, indicating long-term holding tendencies and limited available supply. This, together with the increasing M2 money supply (with a usual 12-week lag effect on the Bitcoin price), could create favorable conditions for Bitcoin to approach its all-time highs later this year.

However, institutional sentiment remains mixed. Spot Bitcoin ETFs have seen continuous withdrawals of about $870 million since April 3, with only minimal inflows observed on April 15. Additionally, the realized cap increase is slowing to 0.80% per month, still below typical bull market levels.

Why did Solana price surge 36% from recent lows?

Rising 36% from its recent lows, Solana SOL/USD has become a bright spot in the altcoin scene, currently trading at $131.60.

With $6.9 billion, SOL has become the second-largest blockchain by total value locked (TVL), outperforming rivals like Tron, Base, and Berachain despite being 57% below its all-time high.

Activity across the Solana network is increasing at several DApps. Jito and Jupiter saw a 20% rise in activity, while deposits on Sanctum, a liquid staking platform, grew by 30%. More notably, Solana displaced Ethereum following a 16% increase over seven days to claim the top spot in decentralized exchange (DEX) activity.

Trading activity across Solana DApps in the week ending April 16 reached $15.8 billion, more than half the combined volume of Ethereum scaling solutions over the same period.

This surge was supported by a 44% increase in Pump-fun’s volume and a 28% rise in Raydium. Other Solana DApps are also expanding, with Ondo Finance tokenizing $250 million in assets on the network, Exponent doubling its TVL over the past 30 days, and yield aggregator Synatra seeing a 43% increase in TVL over the past week.

While predictions for significant inflows are limited due to the poor performance of previous Ethereum ETF instruments and overall caution among institutional investors, analysts anticipate a Solana spot exchange-traded fund (ETF) to be approved in the U.S. by 2025.

Top altcoins to watch today

While Bitcoin and Solana are leading the market recovery, several other altcoins are showing resilience and potential for upward movement: