Facebook iconLinkedin iconTwitter icon
(Nicholas Cappello/Unsplash)
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your SeatFacebook iconLinkedin iconTwitter icon
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Secure Your Seat
The tokens of Solana (SOL) and Cardano (ADA) outpaced the broader crypto market amid signs of recovery over the weekend.
SOL and ADA were up over 15% on Monday morning before seeing a slight price retreat as traders took profits. Solana was buoyed over the past week as some projects – most notably the Shiba inu-themed Bonk (BONK) – saw massive hype and adoption within the ecosystem.
Data from the on-chain tracker Artemis show daily active users of Solana increased by over 40% in the past two weeks, from nearly 300,000 users in late December to over 525,000 wallets as of Monday.
SOL traded over $16 on Monday, breaking over the $14 resistance over the weekend reaching prices last seen in November. The tokens have gained some 60% in the past week – a strong recovery from the $7 mark in the last week of December – but may see selling pressure in the coming days as traders take profits.
Elsewhere, ADA added over 20%. Prices spiked to as high as 34 cents in early Asian hours on Monday, before seeing resistance, from 26 cents on Friday.
Activity on decentralized applications (dapps) built on Cardano grew over the weekend, on-chain data shows.
NFT marketplaces such as Spacebudz and EpochArt saw transactional volumes grow by as much as 200% in the past week, while decentralized finance (DeFi) protocols SundaeSwap and Lending Pond saw transactions increase by over 60% in the same period.
Growth for both the token came amid a broader crypto market recovery, with overall capitalization increasing by 3.5%, and bitcoin and ether crossing $17,000 and $1,500 respectively. As such, both ADA and SOL are down over 90% since their 2021 lifetime peaks.
DISCLOSURE
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Trending1
Consensus MagazineNow I Know the Cryptocurrency Industry Is Here to StayJan 10, 20232
Consensus MagazineThe Macroeconomic Crypto Climate, ExplainedJan 10, 20233
Web3‘The Revolutionaries Will Be Televised’: PleasrDAO Launching Live Auctions With Snowden, Ellsberg NFTJan 10, 20234
MercadosLa escasa liquidez del mercado de bitcoin mantiene a las ballenas al margenJan 10, 2023
