Sneak Peak:
- Cardano’s (ADA) price surges by 17.77% reaching a high of $0.327
- Solana (SOL) token hits an intraday high of $16.42%, a 22.93% increase.
- Launching of new products and services leads to the rise of SOL and ADA tokens
The cryptocurrency market as a whole received a boost over the weekend, with altcoins leading the way. Among alternative cryptocurrencies, Cardano (ADA) and Solana (SOL) surged by 21% apiece on January 8.
At the time of writing, Cardano’s (ADA) price has risen by 17.77%, reaching an intraday high of $0.327 and a market value of $11.2 billion. The price of ADA has shown remarkable momentum since the start of 2023, gaining about 10% over the past week.
Since the resumption of whale accumulation for ADA, Cardano has again been in the spotlight. As of today, more than 200 million ADA coins have been added to Cardano wallets holding between 1 million and 100 million $ADA.
According to the technical data, the ADA token price for Cardano has broken over the $0.3 barrier. To the extent that the ADA price can maintain its current level, the area of resistance will likely become support, allowing the price to continue its upward trend.
However, Solana (SOL) recorded even more significant gains than Cardano, skyrocketing by 22.93% and hitting a new intraday high of $16.42. With a market cap of $6.06 billion, Solana is now the eleventh largest cryptocurrency in terms of market value.
Among the top 20 coins, Solana had the strongest first week of the year, rising 60% in only seven days. SOL has made an incredible comeback after falling by 41% after the FTX catastrophe. Sam Bankman-Fried used to think highly of Solana, which he dubbed an “Ethereum killer.”
The surge in Solana and Cardano’s prices has been attributed to several factors, including increased institutional interest and the launch of new products and services such as BONK coin. With the cryptocurrency market continuing to expand, altcoins like Cardano (ADA) and Solana (SOL) could continue to climb higher soon.