Crypto News

Solana and Cardano Lead Top 10 Crypto Rebound

Solana and Cardano are leading top crypto assets gains in the market recording slight inflows above other coins in the last 24 hours.

Published by

David Pokima

Updated 27 Aug, 2024 | 10:18:36 AM UTC

Solana and Cardano Lead Top 10 Crypto Rebound

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?

David Pokima

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.

Published by

David Pokima

Updated: 27 Aug, 2024 | 10:18:36 AM GMT

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