Solana Soars, Flips Cardano to Become 7th Largest Crypto

• Solana [SOL] overtook Cardano [ADA] to become the 7th largest crypto.
• SOL’s price increased by 30%, while ADA’s price surged by 12%.
• Despite the marginal difference in their market cap, ADA’s on-chain metrics suggest a flip is unlikely in the near term.

Solana Overtakes Cardano

Solana [SOL] recently overtook Cardano [ADA] as the 7th largest crypto in terms of market capitalization. This was largely due to Solana’s recent price hike of more than 30% over the past week, while Cardano’s surge was around 12%. Although their market caps had only a marginal difference, further analysis of on-chain metrics suggests that it will be difficult for Cardano to overtake Solana anytime soon.

Market Indicators Support Bullish Move

On Solana’s daily chart, several bullish market indicators are shown, supporting its current move up. These include an Exponential Moving Average (EMA) Ribbon crossover and a bullish MACD reading. The Relative Strength Index (RSI) also rose during the bull run, although Chaikin Money Flow (CMF) decreased despite increasing prices.

Cardano On-Chain Metrics Suggest Flip Unlikely

Despite having a nominal difference in their market caps, on-chain analysis of Cardano suggests that it is unlikely for it to overtake Solana anytime soon. Its trading volume has decreased sharply which indicates that investors have not been actively buying into its token lately. Additionally, there has been no significant increase in large transactions or transfers between wallets which could signal an incoming flip from Cardano back to Solana in the near future.

Will Solana Maintain Lead Against Cardano?

Given all this data, it looks like it may be difficult for Cardano to reclaim its spot against Solana any time soon without a drastic change in either token’s markets or on-chain activity. However, given how volatile and unpredictable cryptocurrency markets can be, nothing can be said with definitive certainty at this point regarding who will maintain their lead over the other in upcoming days or weeks ahead.

Conclusion

In conclusion, despite its recent surge and subsequent flipping of Cardano as the 7th largest crypto by market capitalization, it still remains unclear whether or not Solana will be able to maintain this lead against its competitor going forward without major changes happening within both tokens‘ markets and/or underlying blockchain networks.