Solana Surges Past Bitcoin as Macro Factors Drive Cryptocurrency Rally

Solana has outpaced Bitcoin in its recent surge to a six-month high, despite Bitcoin's strong weekly rally. According to analysts at Morningstar, macro factors are driving the rally in cryptocurrencies, rather than market-specific catalysts.

Strong network activity on Solana contributed to its price increase, with transactions reaching 1.32 billion over the last week. The cryptocurrency led gains among top performers on Thursday, climbing 7.5% in the last 24 hours and trading above $103.

Bitcoin, however, has struggled to break through the $80,000 mark, despite reclaiming several important technical levels. Analysts believe that clearer confirmation from the Federal Reserve on looser monetary policy could provide the catalyst for a stable breakout above this threshold.

The Jackson Hole symposium is expected to be a key event in determining Bitcoin's next move, with markets looking for signals from Fed policymakers. According to CoinShares' James Butterfill, the level of $80,000 remains the key test for Bitcoin's price.