Altcoins
Cardano Price Has Revisited $0.40: Is a 19% Jump to $0.50 Imminent?
Cardano price is set to end the month in the green, following a month of increased volatility in the global crypto market. At press time, ADA was trading 6.43% higher at $0.4003. The altcoin has been performing relatively well since the start of the year, securing a place among the best-performing cryptocurrencies. ADA has gained more than 6% in the last week and 60.94% in the year to date.
Fundamentals
Cardano price has revisited its highest level since February 21, 2023, after experiencing substantial volatility in the past month. At the time of writing, ADA’s total market cap had moved 4.97% higher to $13.8 billion, ranking it as the 7th largest crypto after XRP. The total volume of the coin traded in the past 24 hours has increased by 15%.
Over the past few years, Cardano has developed a reputation for its focus on research-driven development and innovative development. The altcoin uses a proof-of-stake consensus algorithm which is more energy efficient than the proof-of-work algorithms used by most cryptocurrencies, including Bitcoin. Additionally, Cardano has been improving its transaction speed, which could attract more customers and developers to the platform.
Notably, ADA has seen increased adoption in recent years as more businesses and organizations accept ADA platforms, and developers building more decentralized platforms on the Cardano platform. Even so, ADA still has a long way to go to reach the adoption levels of major cryptocurrencies such as Bitcoin and Ethereum.
Cardano’s partnerships and collaborations over recent years have also driven the ADA price higher throughout the period. Cardano has formed partnerships with Ethiopia and Tanzania, as well as collaborations with academic institutions and research organizations.
ADA price has also been thriving on the back of the recent bullish momentum in the crypto market. The global crypto market cap has been hovering above the crucial $1 trillion level for the past few weeks and currently stands at $1.18 trillion. The largest cryptocurrency by market cap has also been flashing green, boosting the overall market sentiment.
Cardano Price Analysis
Cardano price has staged a strong recovery in the past few weeks, climbing 32% from its lowest level in March. On the daily chart, ADA has formed an ascending channel shown in yellow. The altcoin has remained above the 25-day and 50-day moving averages, as well as the 50-day and 200-day exponential moving averages.
Its Relative Strength Index has inched higher, hinting at increased buying pressure. The Moving Average Convergence Divergence (MACD) indicator is bullish. As such, the ADA price is likely to continue rising as bulls target the next resistance levels at $0.4246 and $0.500. However, a flip below the crucial support at $0.3540 will invalidate this view.
ADA Price Chart
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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