Solana Surges Past $120 While Bitcoin Slips in Divergent Crypto Session —

Cryptocurrency markets split sharply on Friday as Solana extended a multi-day rally past $120 while Bitcoin and other large-cap tokens retreated, underscoring a rotation toward smaller, higher-beta assets even as macro pressures from surging Treasury yields continue to weigh on the broader digital asset complex.

Bitcoin traded at $83,831.42, down 0.65% on the day, while Ethereum slipped 0.25% to $2,680.61 and BNB declined 0.48% to $772.75, according to market data. The divergent session came as the total crypto market capitalization edged down 0.14% to $2.87 trillion.

Solana stood out with a 3.40% gain to $120.99, breaking above a resistance level that had capped its price for several sessions. The token had been range-bound between $113 and $119 since Monday, and technical indicators across the board were pointing to buyer strength in the days leading up to the breakout.

Avalanche advanced 2.56% to $10.45, Dogecoin climbed 2.04% to $0.10, Cardano rose 2.01% to $0.25, and XRP added 1.30% to $1.55. The broad altcoin strength contrasted with weakness in the two largest cryptocurrencies, a pattern market participants said reflects increased risk appetite for assets with greater upside potential.

Intraday levels during Friday’s session.

The rotation comes against a backdrop of persistent macro headwinds. The yield on the benchmark 10-year U.S. Treasury has climbed above 5%, reaching levels not seen since 2007, as strong purchasing managers’ index data and hawkish commentary from Federal Reserve officials kept the prospect of additional rate hikes on the table.

The Fed raised its policy rate by 25 basis points last week and reiterated its commitment to the 2% inflation target. Higher yields on risk-free government debt have historically pressured non-yielding assets like Bitcoin, and the current environment is no exception.

Oil prices offered some relief late in the week, with Brent crude falling 3% to $103.92 per barrel as hopes for renewed peace talks between the U.S. and Iran tempered supply concerns. Brent has held above $100 for most of September after the effective closure of the Strait of Hormuz, a corridor that normally carries about a fifth of global oil supply, and a drone strike on Saudi Arabia’s main cross-country pipeline earlier this month. The pullback in energy prices helped stabilize Treasury yields, which had been climbing steadily in recent days.

Despite the daily decline, Bitcoin remains in a historically strong position. The largest cryptocurrency by market value has posted gains in July, August, and September of this year, marking its first three-month winning streak since 2012. Bitcoin rose 4.8% in July and 25% in August, and with less than a week remaining in September,…