$ 37,853.42
$ 2,764.82
$ 1.00
$ 0.77128
$ 0.596295
$ 0.999999
$ 79.79

Solana Breaks ATH Overtaking Cardano as Top 5 Biggest Crypto

Solana Breaks ATH Overtaking Cardano as Top 5 Biggest Crypto

Solana’s price surged to a new high, and SOL broke into the main five cryptocurrencies by market capitalization for the first time. 

On November 3, Solana’s (SOL) autumn surge continued, with the stock’s price and market capitalization reaching fresh highs. 

SOL rose 7% to $236 in the last 24 hours, bringing its market valuation to more than $70 billion for the first time. 

Cardano (ADA) momentarily flipped what allowed SOL to become the world’s fifth-most valuable crypto asset as the token wobbled around record-high levels. 

SOL’s market size is currently around $69.37 billion, barely $500 less than ADA’s market cap of $69.87 billion.

Solana’s battle for a top-five cryptocurrency slot followed SOL’s recovery in the fourth and final quarters of 2021. The native token of the Solana blockchain, for example, has increased by almost 65% since October 1. The returns on ADA, on the other side, were only 2.13% during the same time period.

The main reason behind ADA’s poor performance was the “sell-the-news” mentality. The Cardano token started dropping shortly after it handed out its much-anticipated smart contracts capabilities via the so-called Alonzo update on Sept. 13th, as Cointelegraph reported. 

ADA’s greatest year-to-date returns were about 1,630 percent in the days coming up to the hard fork. They were approximately 1,050 percent at press time. To compare, SOL’s YTD returns were almost 12,700 percent at the time of writing.  

The expanding number of NFT projects on Solana, according to Pentoshi, the independent market analyst, is one of the key causes for the token’s price surge. He further recalled a tweet from summer that correctly forecasted a bull run for the token.

Mayson Nystrom, a Messari researcher, also noticed the impressive growth of NFTs in the Solana sector, stating that the blockchain had processed $500 million in total NFT secondary sales volumes since April 2021. 

The researcher states that we have still to see what the future holds for Solana, but things are looking pretty optimistic. 

SOL’s most recent run-up to its all-time high was also a breakout from its Bullish Pennant structure.

After a strong run higher, the price consolidates inside a Triangle-like structure, termed Flagpole, forming Bullish Pennants. Before setting their profit target at a length equal to the Flagpole’s height, traders usually wait for the price to break above the Triangle’s upper trendline.

The flagpole height in Solana is approximately $175. Resulting from its breakout from the Triangle’s resistance trendline ($158), SOL has gained another $175, putting its profit target at $275. 

Also Read: Solana (SOL) Market Added by Hong Kong-Based Exchange Coinsuper


Also read:

Related News

A revealing finding of legal documents could shed more light on what caused the dramatic Terra (LUNA) and TerraUSD (UST) price collapse.

Suspicions Rise as Documents Surface Showing that Do Kwon dissolved Terraform Labs Korea days prior to the collapse of LUNA

A revealing finding of legal documents could shed more light on what caused the dramatic Terra (LUNA) and TerraUSD (UST) price collapse. Legal documents disclose the dissolution of two South Korean branches and the liquidation of the Terraform Labs Korea firm in the days leading up to the cryptocurrency collapse, which has been dubbed the “Lehman Brothers of crypto” by a number of people. According to information collected from the

Read More »
Preston Van Loon, an Ethereum (ETH) core developer, said at a discussion at the Permissionless conference that The Merge might happen in August of 2022.

Ethereum 2.0 to be Completed in August Says Vitalik Buterin

The Merge will be finalized in August, according to Vitalik Buterin and several key Ethereum developers A most coveted event in the 7-year existence of Ethereum (ETH), according to the project’s co-founder, Vitalik Buterin, and several key Ethereum (ETH) developers, might happen in the coming months. This must execute before the network is slowed by the difficulty bomb process.  Preston Van Loon, an Ethereum (ETH) core developer, said at a

Read More »
The native currency of Revolut will not be a stablecoin but it does have an aim to make loyalty tradeable, said the CEO.

Revolut CEO Says Future Native Token to Reward Loyalty of Users

CEO Nik Storonsky revealed in an interview that Revolut’s proposed native cryptocurrency will attempt to award clients for their loyalty, as well as specifics on the upcoming non-custodial wallet of the neobank. At the Finance FWD conference in Hamburg Storonsky said that the long-rumored currency, supposedly called “Revcoin”  will work similarly to airline Air Miles programs, wherein users receive benefits according to how frequently they use the services provided. The

Read More »

My Coins

$ 37,853.421.33%
$ 2,764.821%
$ 0.771281.68%
$ 1.000%
$ 79.791.45%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy


Contact Us

For any question conatct us through:

Disclaimer: All information and materials on this website are for educational purposes only. does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: