Solana is a new blockchain, designed to address the limitations of Ethereum. It uses 6-layer hierarchy chain technology with enhanced features like smart contracts, sharding and private transactions. The project recently announced that it will be developing an implementation of Cardano’s blockchain which has been one of the more popular cryptocurrencies in recent years.
In a stunning turn of events, Solana has gone from a low-ranking cryptocurrency to the best performer in the entire market. The Cardano team have been lambasted for releasing an update that caused many users to lose all their funds on June 27th. This caused outcry and investor panic across social media with some analysts predicting 56% price falls for ADA holders. Nonetheless, despite this technical setback, where does it go from here?In the cryptocurrency market, there are countless projects competing for dominance. With so many coins out there, it is not always easy to keep track of what’s going on and who has been doing well lately. In this article, we’ll break down a few of these contenders in order to see which project might be worthy of your attention right now.The “cardano vs solana” is a cryptocurrency that has rallied by more than 11% and overtaken the Cardano. Cardano has not gained any traction in the past week, while Solana has seen a significant increase in price.
Solana has risen by more than 11% in the last 24 hours, surpassing Cardano in terms of market capitalization, and is expected to continue to rise in the next days.
After achieving a fresh all-time high earlier today, Solana has surpassed Bitcoin to become the fifth-largest cryptocurrency by market capitalization. SOL has climbed to a new all-time high of $230, surpassing Solana to become the fifth-largest cryptocurrency by market capitalization.
Solana is selling at $228 per coin at the time of writing, up more than 12% in the last 24 hours. Solana presently has a market worth of $68 billion, only a few hundred million dollars ahead of Cardano.
Cardano (ADA) was formerly ranked third, after Bitcoin (BTC) and Ethereum (ETH) (ETH). However, Binance Coin (BNB) has risen in price to occupy third position, while Tether (USDT) has slipped to fourth place in the market.
Levels to keep an eye on
Because of the cryptocurrency’s recent climb, the SOL/USD 4-hour chart is now quite optimistic. Solana is now overbought, with the MACD line in the bullish zone and an RSI of 70.
SOL is now trading at $228 per coin, which is much higher than its 100-day simple moving average price ($192). This indicates Solana has established strong support around $200, which might help it to climb considerably higher in the following hours and days.
So, where does Solana go from here?
Solana might try to break beyond the $250 threshold in the next hours after surpassing Cardano in terms of market value and establishing a new all-time high. Solana would need the backing of the larger cryptocurrency market for this to happen.
Solana may attempt to dethrone Tether (USDT) and claim fourth position in the market. The overall market capitalization of USDT is now $70 billion. If Solana maintains its current strong trend, it may be able to overtake Tether and become the fourth-largest cryptocurrency by market capitalization.
The “cardano correction” is a term used to describe the drop in price of Cardano. The price dropped by more than 11% and overtook Solana as the second most valuable crypto.
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