- On the week, the price of SOL was up more than 30%, while the price of ADA was up 12%.
- SOL’s market indicators were bullish, but ADA’s on-chain metrics supported the bears.
Solana [SOL] was one of the tokens that benefited the most from the last bull market as the spar skyrocketed. The price increase also allowed the token to increase its market cap, helping it turn around Cardano [ADA]. A look at SOL’s daily chart revealed a number of factors that have played a role in pushing up the price over the past few days. As the growth rate slowed, so did the token’s popularity. Can Solana hold onto the lead against Cardano in the coming days?
Read from Solana [SOL] Price prediction 2023-24
Solana’s bull meeting looks promising
In the latest bull run, Solana’s price registered an increase of more than 30% in the past seven days. While the price of SOL rose by 30%, ADA managed to increase its price by more than 12% in the past week. Thanks to this, SOLThe market grew and was also able to catch up ADA to become the 7th largest crypto. At the time of writing, SOL trade at $27.81 with a market cap of over $11.19 billion. A look at Solana’s daily chart revealed quite a few market indicators that helped the token increase its value.
For example, the exponential moving average (EMA) ribbon showed a bullish crossover a few days ago. The MACD’s finding was also similar. During the bull run, SOL’s Relative Strength Index (RSI) moved up. However, it was surprising to see that the Chaikin Money Flow (CMF) fell while the price rose.
Source: TradingView
Will Solana continue to dominate Cardano?
Although Solana managed to turn ADA, the difference in their market capitalization was marginal. To be precise, the difference was only nearly 24 million at the time of writing. The nominal difference raised the possibility of ADA regaining its spot by overtaking SOL in the coming days. However, checking ADA’s on-chain metrics, the possibility of ADA flipping SOL in the short term seemed unlikely.
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For example, the trading volume of ADA has decreased sharply. A drop in the metric means that investors were not willing to trade the token. The MVRV ratio also dropped sharply, which was a bearish signal. However, it was important to note that the whales were still actively trading in ADA as evidenced by the number of whale transactions. Cardano’s speed also remained high, which was a positive signal.
Source: Sentiment