Solana surges past Cardano to become the 7th largest cryptocurrency, with a marginal difference in market cap.
During the week, Solana (SOL) experienced a price increase of over 30%, while Cardano (ADA) saw a surge of 12% in its price.
Solana emerged as one of the tokens that thrived during the previous bull market, leading to a significant surge in its price and market capitalization, surpassing Cardano in the process. Analyzing SOL’s daily chart reveals several factors that contributed to its recent price growth.
Solana’s bullish rally shows promise, with its price increasing by more than 30% in the last seven days during the recent bull run. In contrast, ADA saw a price increase of over 12% in the same period. This surge allowed SOL’s market to grow, enabling it to overtake ADA and secure the 7th spot among cryptocurrencies.
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Currently, SOL is trading at $27.81 with a market cap exceeding $11.19 billion. Several market indicators observed in Solana’s daily chart played a role in boosting its value.
Despite Solana’s successful flip of ADA, the difference in their market caps is minimal, with a gap of just nearly $24 million at the time of writing. This small difference opens up the possibility of ADA reclaiming its position by surpassing SOL in the future.
ADA’s trading volume has significantly declined, indicating a lack of interest from investors. The MVRV Ratio also witnessed a sharp decline, signaling a bearish trend.
In summary, Solana’s rise in the crypto market and its overtaking of Cardano have brought attention to the ongoing competition between the two. While SOL shows promising market indicators, ADA’s on-chain metrics suggest a different outcome. The question now arises: Can Solana maintain its lead over Cardano in the coming days?
