The cryptocurrency market has witnessed a major bullish reversal

The cryptocurrency market has witnessed a major bullish reversal over the past 48 hours, resulting in top tokens such as Bitcoin, Ethereum, and XRP breaking out their multi-month highs.

Solana and Binance are two of the largest cryptocurrency tokens, both boasting market capitalizations above $80 billion. While Binance Coin (BNB) has a valuation of $89.58 billion and a market dominance of 2.75%, Solana (SOL) closely follows with a market cap of $87.73 billion and a dominance of 2.71%.

Recently, both tokens broke out their multi-month highs, joining Bitcoin, Ethereum, and XRP in reaching new all-time highs. This action has been closely monitored by many crypto traders and analysts.

Solana Price Breaks Out of Critical Resistance Zone of $160

The Solana price today has jumped over 7% with a trading volume of $8.78 billion, a change of +51.31%. Moreover, this altcoin has surged approximately 12% over the past week, resulting in it achieving a market capitalization of $87.73 billion today. With this, it has breached its resistance zone of $160 for the first time since March 2025.

The cross EMA 50-day constantly supports the Solana price chart with its 200-day EMA recording a similar action in the daily time frame. On the other hand, the MACD indicator displays a rising trend, suggesting an increase in the buying-over-selling pressure for the altcoin in the crypto space.

Suppose, the crypto market favors the bulls, this could result in the Solana coin price breaching its resistance of $177 and head toward its upper high of $200. Conversely, a bearish reversal may pull the price toward its support trendline of $150.

Solana Price Edges Closer to $200 Zone as BNB Touches $640 Again

Solana price witnessed a surge of over 7% on Thursday, pushing it to $160. This move was fueled by a massive trading volume of $8.78 billion, showcasing the strong buying pressure on the altcoin. In the past week alone, SOL experienced an increase of 12%, incrementally adding to its market cap of $87.73 billion.

With this rise, Solana has breached its crucial resistance zone at $160, a level it last touched in March 2025. The 50-day EMA provides support to the price chart, while the 200-day EMA also shows similar action in the daily time frame.

The MACD, on the other hand, is displaying a rising trend, implying that the buying pressure is outperforming the selling pressure in the altcoin market.

If the bulls manage to push further, aiming for the next resistance at $177, we might see a rally towards the upper high of $200. However, if the market sentiment shifts towards bears, this could lead to a decline towards the immediate support trendline at $150.

Binance Coin Retests Its $643 Mark

Amid the ongoing market volatility, the BNB coin price has added over 6% to its portfolio this week. With a circulating supply of 140.88 million tokens and a trading value of $638.02, it has a market cap of $89.58 billion. This makes it the 4th most-valued crypto in the market.

The Moving Average Convergence Divergence (MACD) records a constant green histogram in the daily time frame with its averages experiencing a bullish convergence. Moreover, the Cross EMA 50/200-day witnesses a positive crossover. This indicates a positive outlook for the altcoin in the upcoming time.

If the bullish sentiment sustains, the BNB coin price could head toward its immediate resistance level of $675.85. On the flip side, if the market experiences increased liquidation, this could result in this altcoin plunging toward its lower support level of $575.25 next week.