Cardano and Solana Shoot Up 20% In Strong Market Rally

The broader cryptocurrency market gave a fresh pump over the weekend with altcoins taking the lead. On Sunday, January 8, Cardano (ADA) and Solana (SOL) led the altcoin market rally with 20% gains each.

As of press time, Cardano (ADA) price is up 19.80% and is currently trading at $0.33 and a market cap of $11.3 billion. Since the beginning of 2023, ADA had been showing major strength with nearly 10% gains last week.

Cardano has been back in the news since whale accumulation for ADA resumes. Since New Year’s day, Cardano addresses holding between 1M to 100M $ADA added a total of more than 200 million ADA coins so far. As per the technical charts, Cardano’s ADA crypto has moved just past the resistance level of $0.3. If the ADA price continues to hold past this, we can expect it to turn this resistance into support and continue the further journey from here onwards. 

Along With Cardano, Solana (SOL) Joins the Party

Another major altcoin facing a major price surge over the last week is Solana (SOL). The Ethereum competitor shot up by another 20% and is trading above $16 with a market cap of $5.9 billion.

Over the last week, the SOL price has gained 60% making it one of the top-performing altcoins in the market. SOL faced a massive correction following the collapse of the crypto exchange FTX in November 2022. Solana ended the year 2022 with a staggering 95% price drop but now bulls are back into the play going into 2023.

As per the technical charts, Solana (SOL) has surged past its first resistance of $15. The next immediate resistance for SOL on the upside is $18.1. If Solana breaks this it could set up the crypto for the next bull run.

The broader altcoin space is currently buzzing with Ethereum (ETH) having 4% gains while Binance’s BNB coin is up by 7%. Polygon’s MATIC and Litecoin (LTC) are also up by 7% and 8.5% respectively.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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