Solana and Cardano Lead Top 10 Crypto Rebound

26 Jun, 2024 Updated 27 Aug, 2024

By David Pokima

Crypto Journalist

Expertise : Finance/Crypto Journalist

David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

Solana Price Eyes $260 As Top Analyst Says "Market is Poised" For Rally

The crypto market is picking up gains today with Solana (SOL) and Cardano (ADA) leading the resurgence among top coins. This comes following sharp outflows that saw Bitcoin and other crypto assets plunge deeper into the woods. The total market capitalization now stands at $2.28 trillion, climbing 3.35% today. Before the price correction, the value was over $2.6 trillion with high institutional inflows.

Community-dubbed ETH killers Solana and Cardano recorded inflows in the last 24 hours as the wider gains momentum. Meme coins and decentralized finance (DeFi) tokens also notched gains. As a leading smart contract blockchain, Solana has an impact on DeFi activities and volumes.

Solana Outpaces Top Assets

In the past couple of years, Solana gained the reputation of outpacing top assets during a market rebound. Today, SOL is up 5.98% completely eclipsing weekly outflows. Weekly figures now stand in the green zone with the asset trading at $137.73. However, 30-day numbers are down 17% showing signs of previous losses.

Solana’s market cap soared to $63.5 billion while daily trading volumes fell to $2.5 billion. SOL price fell past many resistance levels after bulls projected a new price run. The rebound could see the asset move up to reclaim lost levels. At press time, the total value locked on Solana is $4.25 billion, a 6.44% increase in the last 24 hours per DeFiLlama. DeFi volumes are also up as activities pick up in the market.

Cardano Follows SOL

Cardano trades at $0.3932 gaining 4.5% inflows in the last 24 hours to wipe out a share of previous losses. ADA’s weekly numbers jumped 3.2% taking its market cap up to $14 billion. Network upgrades remain a major driver of the asset amid present macro factors. While ADA’s long-term gains plunged, institutional investors point to a cut in interest rate as a bullish driver this year. Other crypto assets like Bitcoin (BTC) to Ethereum (ETH) recorded gains.

Also Read: Institutional Investors Are Leaving Ethereum Products: What’s Happening?

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.