The broader cryptocurrency market gave a fresh pump over the weekend with altcoins taking the lead. On Sunday, January 8, Cardano (ADA) and Solana (SOL) led the altcoin market rally with 20% gains each.
As of press time, Cardano (ADA) price is up 19.80% and is currently trading at $0.33 and a market cap of $11.3 billion. Since the beginning of 2023, ADA had been showing major strength with nearly 10% gains last week.
Cardano has been back in the news since whale accumulation for ADA resumes. Since New Year’s day, Cardano addresses holding between 1M to 100M $ADA added a total of more than 200 million ADA coins so far. As per the technical charts, Cardano’s ADA crypto has moved just past the resistance level of $0.3. If the ADA price continues to hold past this, we can expect it to turn this resistance into support and continue the further journey from here onwards.
Another major altcoin facing a major price surge over the last week is Solana (SOL). The Ethereum competitor shot up by another 20% and is trading above $16 with a market cap of $5.9 billion.
Over the last week, the SOL price has gained 60% making it one of the top-performing altcoins in the market. SOL faced a massive correction following the collapse of the crypto exchange FTX in November 2022. Solana ended the year 2022 with a staggering 95% price drop but now bulls are back into the play going into 2023.
As per the technical charts, Solana (SOL) has surged past its first resistance of $15. The next immediate resistance for SOL on the upside is $18.1. If Solana breaks this it could set up the crypto for the next bull run.
The broader altcoin space is currently buzzing with Ethereum (ETH) having 4% gains while Binance’s BNB coin is up by 7%. Polygon’s MATIC and Litecoin (LTC) are also up by 7% and 8.5% respectively.
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