1 week ago
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How is the price of the coins Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) performing in the crypto market? Let’s see in this article all the details and the latest news concerning them.
Solana leads the crypto rally and opens up new possibilities for the market
Solana (SOL), the native cryptocurrency of its namesake blockchain, has reached an important milestone thanks to the positive movement of Bitcoin (BTC).
Which pushed the entire cryptocurrency sector upwards after the election of Donald Trump and a new rate cut decided by the Federal Reserve.
SOL has surpassed the highs of the beginning of the year, reaching 212 dollars, a level not seen since the bull market days of 2021.
In the past week, the token recorded an impressive gain of 34%, driving the 18% rise of BTC and pushing the CoinDesk 20 index to an increase of 27%.
Despite the historical record of 260 dollars still being distant, the new momentum has brought Solana’s market capitalization above 100 billion dollars, placing it among the top four criptovalute.
Discussions about the possible “flippening” of SOL compared to Ethereum (ETH) have resurfaced on social media, with analysts speculating on a potential overtaking of the ETH rival, whose current market capitalization is about 389 billion dollars.
Solana has gone through a period of rebirth after the collapse of FTX in 2022, earning a key role among the most dynamic ecosystems.
The network has attracted the interest of retail users and has hosted phenomena such as the memecoin mania, with innovative projects like pump.fun.
Furthermore, the increase in decentralized finance (DeFi) has consolidated Solana as the third most profitable ecosystem, according to an analysis by Coinbase.
In any case, this phase of growth could be just the beginning.
Bob Loukas, a well-known trader, suggested that SOL could soon reach new highs, triggering an explosion of value for the entire sector.
The enthusiasm is palpable, and some speculate that the rally could continue until 2025.
Cardano climbs the cryptocurrency rankings with an impressive growth
Cardano (ADA) has surpassed Tron (TRX), establishing itself as the ninth largest cryptocurrency by market capitalization, now exceeding 21.5 billion dollars.
In just 24 hours, the value of ADA jumped by 40%, adding over 3 billion dollars to its capitalization. Currently, Cardano is trading at about 0.617 dollars, a level not seen in three months.
According to the analysis by Santiment, the recent rally was triggered by FOMO (fear of missing out) among retail traders, making the jump of ADA a “long-awaited surprise” for the community, as stated in a post on X.
Data from CoinMarketCap indicates that the trading volume of ADA has increased by 160% in 24 hours, highlighting a growing retail interest.
In parallel, the number of unique addresses that have made transactions has reached 37,000, the highest in the last two months.
Transactions by whale have also increased significantly. In a single day, transactions exceeding $100,000 reached 697, a high not seen in two months.
The rally of Cardano comes in a context of solid fundamentals, with many analysts seeing similarities with the bull cycle of 2020.
Dan Gambardello, crypto expert, noted that ADA could repeat the pattern of that historic bull run that led to a 4,000% gain in ten months, with a peak of 3.10 dollars.
On the other hand, the analyst Ali Charts predicts a potential gain of 2,000%, which could bring Cardano to 6.31 dollars by September 2025.
In the derivatives market, the open interest (OI) of ADA rose by 65% in just one day, reaching 546 million dollars, the highest level in seven months, indicating a strong bull sentiment among traders.
If this trend persists, ADA could continue to grow towards new highs.
The price of Dogecoin: how does it perform compared to Solana and Cardano?
The trend of Dogecoin’s price this week has been decidedly impressive. In the last 30 days, the value of the famous meme coin has more than doubled, recording an extraordinary increase of 115%.
This rise has pushed the price of DOGE beyond $0.22, a milestone that hadn’t been seen since April 1st, over seven months ago. Currently, Dogecoin is at its 2024 high, bringing many investors into profit.
According to the data from IntoTheBlock, 91.17% of DOGE holders are now in profit. The metric shows that 5.82 million addresses have recorded profits thanks to the recent bull rally.
Furthermore, 62.35% of the addresses that purchased DOGE at a price between 0.1785 and 0.2429 dollars are now in profit, a sign of the important bull momentum of the token.
As a new week approaches, the future of Dogecoin could take two directions. One possibility is a slowdown in the rise, with the price potentially facing difficulties in overcoming crucial resistance levels.
If the holders, now in profit, decided to sell to cash in the profits, a downward pressure could emerge, leading to a significant price correction.
However, if the current buying momentum persists, Dogecoin could continue to rise, aiming for the all-time high of 0.7316 dollars by the end of the year.
With a current market capitalization of 34.9 billion dollars, DOGE has increased by 11.5% in 24 hours, reaching 0.2352 dollars.
The crypto analyst Mags, known on X as @thescalpingpro, has predicted that Dogecoin could enter a meme coin supercycle, with a potential parabolic rally.
According to Mags, DOGE could even reach 1.17 dollars, a 400% increase compared to the current price.
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