Solana, Cardano Tokens See Price Bump Amid Strong Transactional Activity

The two tokens added nearly 20% in the past 24 hours as of Asian morning hours on Monday.

AccessTimeIconJan 9, 2023 at 10:42 a.m. UTC
Updated Jan 9, 2023 at 3:54 p.m. UTC
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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.

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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.

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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.


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Shaurya is an analyst/editor for CoinDesk's markets team in Asia.