Solana, Cardano Tokens Observe Price Increases During Intense Transactional Activity

As of Monday AM Asian time, the two tokens had gained approximately 20% over the previous 24 hours.

The tokens of Solana (SOL) and Cardano (ADA) surpassed the larger cryptocurrency market over the weekend, amid indications of recovery.

On Monday morning, SOL and ADA were up more than 15% prior to a minor price reversal as traders booked gains. Over the last week, Solana has been encouraged by the widespread interest and acceptance of a few projects, most notably Bonk, a token based on Shiba Inu.

According to the on-chain tracker Artemis, the number of daily active Solana users has climbed by over 40 percent in the last two weeks, from around 300,000 users at the end of December to over 525,000 wallets as of Monday.

On Monday, SOL traded over $16, breaking through the $14 resistance level over the weekend to reach levels not seen since November. 

The activity of Cardano-based decentralized applications (dapps) increased over the weekend, according to on-chain statistics.

In the previous week, transaction volumes on NFT markets such as Spacebudz and EpochArt increased by up to 200%, while decentralized finance (DeFi) protocols SundaeSwap and Lending Pond experienced a surge of over 60%.

The growth of both tokens coincided with the rebound of the crypto market as a whole, with total market capitalization growing by 3.5% and bitcoin and ether surpassing $17,000 and $1,500, respectively. Consequently, both ADA and SOL are down over 90% from their respective lifespan highs in 2021.

Also Read: OpenSea Is Now Compatible With Arbitrum Nova

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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