The broader cryptocurrency market gave new impetus this weekend, with altcoins taking the lead. On Sunday, January 8, Cardano (ADA) and Solana (SOL) led the altcoin market rally with 20% gains each.
At the time of writing, the price of Cardano (ADA) is up 19.80% and is currently trading at $0.33 and a market cap of $11.3 billion. Since the start of 2023, ADA showed great strength last week with almost 10% gains.
Cardano has been in the news again since whaling resumed for ADA. Since New Year’s Day, Cardano has been engaged in holding between 1M and 100M $ADA has added a total of over 200 million ADA coins to date. According to the technical charts, Cardano’s ADA crypto has just broken past the $0.3 resistance level. If the ADA price continues past this, we can expect it to turn this resistance into support and continue its onward journey from now on.
Together with Cardano, Solana (SOL) joins the party
Another major altcoin that has seen a major price increase over the past week is Solana (SOL). The Ethereum competitor shot up another 20% and is trading above $16 with a market cap of $5.9 billion.
Over the past week, the SOL price is up 60%, making it one of the best performing altcoins in the market. SOL faced a massive correction after the collapse of the crypto exchange FTX in November 2022. Solana ended the year 2022 with a stunning 95% price drop, but now bulls are back in play going into 2023.
According to the technical charts, Solana (SOL) has moved past the initial USD 15 resistance. The next immediate resistance for SOL on the upside is $18.1. If Solana breaks this, it could set up crypto for the next bull run.
The broader altcoin space is currently buzzing with Ethereum (ETH) up 4%, while Binance’s BNB coin is up 7%. Polygon’s MATIC and Litecoin (LTC) are also up 7% and 8.5% respectively.
Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging Blockchain Technology and Cryptocurrency markets. He is in a continuous learning process and keeps himself motivated by sharing his acquired knowledge. In his spare time he reads thriller fiction novels and sometimes explores his culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Cardano and Solana soar 20% in strong market rally
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