Solana Zooms Ahead While ADA Engine Stalls in Altcoin Rally

  • Solana has outpaced Cardano by a massive margin in the recent altcoin rally.
  • Solana secured Cardano’s 7th ranking after surging 33%.
  • Cardano is struggling with limited buying pressure as it tries to catch up.

Since the beginning of this year, the spotlight has been squarely on the rivalry between Cardano and Solana as they continually vie for dominance in market capitalization and token price. While Solana has often taken the lead, Cardano has proven its resilience with impressive comebacks.

However, in the recent altcoin rally, Solana has hit the gas pedal, leaving Cardano in the dust as ADA struggles to find the right track to regain its lost valor. 

With Cardano’s engine struggling to rev up, the question looms: is this the end of its high-octane battle with Solana?

Solana Revs Past Cardano

The crypto market had been locked in a persistent downtrend since August until Bitcoin dramatically changed the dynamics by orchestrating a surprise rally and shattering the status quo. 

Altcoins wasted no time in mirroring Bitcoin’s price action, with prominent tokens like Ethereum and Cardano achieving modest 7% gains over the past week. However, Solana set itself apart by surging an impressive 33%, catapulting it up the market cap rankings to secure the 7th position.

Cardano Sentiment. Source: IntotheBlock.

At press time, Solana boasted a market cap exceeding $12 billion, surpassing Cardano’s $9 billion valuation. While the two projects have been locked in a fierce battle for the majority of the year, Cardano’s response to the rally has appeared subdued as it remained confined within its trading range with limited buying pressure. At the time of writing, Cardano’s daily trading volume stood at $120 million, while Solana’s daily trading volume towered at a colossal $800 million.

While market sentiment surrounding Cardano, as indicated by IntotheBlock, predominantly leaned toward a bearish outlook, sentiment across exchange and derivative markets remained neutral, implying that investors appeared to be sidelined and uninterested in participating in the rally. 

Solana Cumulative Return by Session.
Solana Cumulative Return by Session. Source: Velo

In stark contrast, Solana received an overwhelmingly positive response, especially from Asian and Futures markets. Evidently, Open Interest in SOL Futures catapulted from $200 million to $350 million, whereas ADA’s Open Interest stagnated around $80 million. 

On the Flipside

  • Over 90% of Cardano holders remain in losses. 
  • Solana has recorded an impressive 200% growth over the past year, while Cardano’s yearly growth lags at 7%.

Why This Matters

Cardano has long held the 7th spot. Losing it to Solana signals a massive shift in the crypto landscape and could lead to more investors joining in and sustaining the hype. The divergence in market sentiment and buying pressure also underscore that the attention is gradually turning away from ADA towards Solana. 

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