Altcoins

Why Solana (SOL) and Cardano (ADA) Prices Surged by 20%? Will The Bulls

Author: Elena R

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Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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Story Highlights
  • Solana & Cardano begin 2023 on a bright note

  • SOL & ADA, a top altcoin gainers surge 20% in the last 24hrs

  • Both the altcoins just a few figures away from their next bull run

The crypto market seems to be recovering as the world’s largest cryptocurrency in the world, Bitcoin has managed to surpass the $17,000 mark leading the recovery rally. Among altcoins, the top position has been occupied by Cardano (ADA) and Solana (SOL) which have surged 20%.

At the start of the 2023 recovery rally, Solana’s price has gained nearly 70% and has managed to push the price from December 2022’s $8 to the present $13. Traders believe that Solana might rise and move past $15 in the days to come. 

After FTX saw its downfall most of the cryptocurrencies were pulled back which also included Solana’s SOL. Hence, Solana closed the year 2022 with a fall of nearly 95% before bulls made their way back in 2023.

The same is with Cardano (ADA) which has managed to get positioned as the 8th largest cryptocurrency by market cap after flipping Dogecoin. This comes after Cardano successfully gained 20% in the last 24hrs and has bagged one of today’s toppers list. 

Cardano’s 2023 journey has begun on a positive note after Cardano addresses holding 1M to 100M ADA accumulated more than 200 million ADA coins.

Solana & Cardano To Begin Their Next Bull Run

At the time of publication, Solana is selling at $16.38 with a surge of 22% in the last 24hrs. While Cardano has slightly dropped from its 20% gain and is now trading at $0.32 after an upswing of 17.86% over the last 24hrs.

As per its current trade, if Cardano’s ADA manages to hold on to its $0.3 level the currency can easily move beyond the $5 level soon. On the other hand, Solana’s next resistance lies at $18 and if SOL successfully claims this level the currency will begin its next bull run soon.

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Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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