Solana and Chainlink Lead Crypto Rally With Double-Digit Gains

Key Points

1. Solana and Chainlink surged over 12% after July CPI data showed annual inflation at 2.7%, below forecasts, boosting expectations of a Fed rate cut.

2. Ethereum, Cardano, Dogecoin, Sui, and XRP also saw gains, with Ethereum rising 8.6% and Cardano adding 8.9%.

3. U.S. Treasury Secretary Scott Bessent suggested a 50-basis-point rate cut in September, citing favorable inflation data.

4. Monero (XMR) dropped nearly 25% amid fears of a 51% attack, contrasting with gains in other privacy-focused cryptocurrencies like Zcash and Dash.

5. Bitfinex analysts noted a surge in open interest for major tokens, rising from $26 billion to $44 billion, indicating increased market activity.