Cardano Outperforms Solana in This Key Metric: Details
TL;DR
Cardano experiences significant growth in NFT sales and total value locked.
ADA’s price outperforms several rival cryptocurrencies over a two-week period.
Cardano has recently outshined some of its rivals in some essential metrics. According to CryptoSlam, NFT sales on the network have surpassed $1.6 million in the last week, representing a 100% increase. Solana’s figure stands at approximately $48 million, which is a 7% decline for the same time frame.
Total value locked (TVL) on Cardano has also been on the rise lately, exceeding the $400 million mark (per DefiLlama’s data) and hovering close to the peak levels observed in mid-December 2023.
As CryptoPotato recently reported, the metric has soared almost 700% year-over-year (YoY), pushing Cardano’s ranking from 34th to 13th.
Total value locked on Solana is currently around $2 billion, but the figure is far from the all-time high of approximately $10 billion registered in November 2021.
Cardano’s ADA has been among the top-performing altcoins as of late, registering a 25% price increase (per CoinGecko’s data) on a two-week scale. In comparison, Solana (SOL) is up 14% for that period, while Ripple’s XRP – 11%.
On February 8, the popular X (Twitter) analyst Ali claimed that “a sustained daily close above $0.53” could push ADA’s valuation to $0.68. Recall that the asset hovered around the resistance level for the next 24 hours and then started an uptrend towards the $0.55 mark.
Those willing to observe additional ADA forecasts can take a look at our dedicated video below:
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Filed under: Bitcoin - @ February 20, 2024 8:25 am