• Solana’s [SOL] price increased by more than 30%, while Cardano’s [ADA] price surged by 12%.
• This allowed Solana to overtake Cardano and become the 7th largest crypto in terms of market capitalization.
• Despite this, ADA’s on-chain metrics support the bears, making it unlikely for them to overtake SOL in the near future.
Solana Overtakes Cardano
Solana [SOL] was one of the tokens that benefited most from the recent bull market, with its spruce skyrocketing and allowing the token to increase its market capitalization and overtake Cardano [ADA].
Analysis of SOL’s Price Movement
A look at SOL’s daily chart revealed a few factors that played roles in its substantial price increase over the last few days. The Exponential Moving Average (EMA) Ribbon displayed a bullish crossover a few days ago, while MACD and RSI also indicated a bullish trend. However, it was surprising to see Chaikin Money Flow (CMF) move down while its price increased.
Will SOL Keep Its Lead?
The difference between SOL’s and ADA’s market caps is marginal, giving rise to speculation that ADA could retake its spot by overtaking SOL in the days ahead. But looking at on-chain metrics for ADA reveals low trading volume which suggests investors are not too keen on buying ADA right now.
What Could Change The Situation?
Both tokens have seen immense growth recently but if one wants to maintain their lead over another then there needs to be some kind of catalyst or event that could tilt things either way. We will have to wait and see what happens next in this battle between two top altcoins.
Conclusion
SOL has managed to overtake ADA as far as market cap is concerned but whether it can keep up with its lead remains uncertain as both tokens have experienced tremendous growth lately. Ultimately, only time will tell who comes out on top between these two altcoin heavyweights