Bitcoin price at $120k, IP down 17%, SOL jumps

The total capitalization of the crypto market rose to an all-time high as Bitcoin reclaimed the $120k level and Ethereum closed in on its all-time high. Against this backdrop, Story protocol’s IP was down on the weekly time frame while SOL posted strong gains.

The combined market cap of all cryptocurrencies climbed to an all-time high of $4.16 trillion on Wednesday, Aug. 13, extending this week’s gains to nearly 10% amid what appears to be an ongoing crypto bull season following years of market consolidation and gradual recovery.

The crypto market continued to rise today, driven by a combination of macroeconomic and regulatory factors, along with increasing odds of a Fed rate cut over the past weeks, which is typically bullish for risk-on assets such as cryptocurrencies.

Odds of a Fed rate cut first rose after weak U.S. non-farm payrolls showed stalled hiring amid concerns over Donald Trump’s tariffs. It climbed further when July CPI data published by the U.S. on Tuesday revealed headline inflation at 2.7% with core inflation up to 3.1%.

The odds of a rate cut this year, as tracked on Polymarket, have now risen to 94%, while CME Fed futures climbed to over 87%.

Another major catalyst that has supported today’s market rally was the U.S. decision to delay new tariffs on China by 90 days, extending the deadline to Nov. 10 this year. The move eased trade tensions between the world’s two largest economies, boosting investor confidence and fueling broader risk-on sentiment in the crypto market.

Bitcoin (BTC) was up 1.6% at $120,203, while Ethereum (ETH) jumped nearly 10%, with both hovering near record highs and fueling bullish sentiment across the market.

The rally played out unevenly across the market. Investors seemed to be favoring bigger crypto projects this week, pushing SOL  higher, while Story Protocol’s IP slipped.

Solana price analysis

Solana price (SOL) has risen 15% over the past 24 hours, and was trading above $200 for the first time this month. Today’s rally has extended its gains to 28% from its monthly low.

On the chart, SOL’s price action has taken shape within a rising wedge — two upward-sloping trendlines gradually converging toward each other. The setup comes alongside a golden cross, where the 50-day moving average has climbed above the 200-day, a move traders often view as a strong bullish signal.

If buyers succeed in pushing the price above $213 by the close of the session, it would confirm a breakout from the rising wedge. Such a breakout could set a potential target of $252, a level that coincides with the 78.6% Fibonacci retracement.

However, it should be noted that a rising wedge is typically considered a bearish reversal pattern. As such, if momentum fails to hold above $213, SOL could face a pullback toward the $175 region in its next move.

Story protocol price analysis

While Story (IP) was up 2.7% in the past 24 hours, it remained 17% below its weekly high of $6.95.

On the daily chart, the token had been trading within a rising channel pattern since early July. As of press time, it has broken below the channel’s lower trendline, a move that typically signals a potential bearish reversal and the start of a downward trend.

Meanwhile, the Supertrend indicator has shifted to green as the price moved below it, indicating a sell signal and reinforcing the bearish outlook. The Relative Strength Index (RSI) is recovering after dipping to 53, suggesting that selling pressure is easing slightly but not yet pointing to strong bullish momentum.

Based on the breakdown from the rising channel, IP could continue falling toward the next target of $4.10. A drop below that level could open the path to the key support zone near $2.40.

However, if the token rebounds to $6.30 by the end of the session, it could invalidate the bearish setup and signal a potential return to the prior uptrend.