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- Cardano (ADA) makes an incredible move to approach $1, while Solana (SOL) reclaims $140, however, some crypto users resort to comparing both performances.
- Cardano’s Charles Hoskinson emphasizes the importance of building a resilient ecosystem rather than focusing on a short-time price appreciation.
The recent broad market rally did not only leave investors with decisions on the next price movement but also, a comparison between prices. The latest pair at the center of such conversation is Cardano (ADA) and Solana (SOL), following their respective surge of 10% and 9% in the past seven days. Cardano is currently pushing to $1 after the price broke a crucial resistance level to hit $0.733327.
Similarly, Solana reclaimed its $140 price zone, edging closer to $150 following a 24-hour price appreciation of 4%. In reaction to this, an X user identified as Jeremy, upon highlighting the performance of SOL, questioned Cardano’s Charles Hoskinson on the possibility of the asset reclaiming $1.
While Hoskinson could not give a direct answer, his response seems to mean that the surge in price is equivalent to a genuine network value.
Number goes up != good ecosystem or real network value.
To some analysts, his response underscores the decision to prioritize technological updates and developmental projects for a resilient ecosystem rather than a short-term price movement. Its progress in making the ecosystem rub shoulders with the leading projects was highlighted by Crypto News Flash in a recent post.
Though ADA has not been doing too bad in terms of price, its current price is a little far from its all-time high of $3.099 recorded on September 2, 2021.
As of press time, ADA’s year-to-date price was up by 17%, but its 24-hour trading volume was down by 28% according to CoinMarketCap data.
Cardano (ADA) Price Analysis and its Exclusion in Grayscale’s GDIF
In other metrics, 0.39% of the total ADA active wallet addresses hold at least $100k worth of the asset in the last year while 16% of the total active wallet addresses hold between $1k to $100k. That aside, both Solana and Cardano have recorded a 51% price surge in the last 30 days, making the argument of the former outshining the latter baseless. According to analyst Ali, ADA could hit $8 by 2025.
The Cardano breakout may come earlier than expected! Still, if history repeats itself, we are anticipating ADA to rise to $0.80, retrace to $0.60, and then enter a bull run toward $8 by January 2025!
In a separate prediction by Ali Martinez covered by Crypto News Flash, Cardano is preparing for a $10 price surge. While market participants are expecting that “big day,” Cardano was sidelined from Grayscale’s GDIF, making Hoskinson question that decision. This was after nine blockchains – Aptos (APT), Celestia (TIA), Coinbase Staked Ethereum (CBETH), Cosmos (ATOM), Near (NEAR), Osmosis (OSMO), Polkadot (DOT), SEI Network (SEI), and Solana (SOL) were announced to have made the cut.
Cardano has over the years operated as a Proof-of-Stake blockchain that allows token holders to stake assets to support the network in exchange for a reward. However, its popularity within the ecosystem did not warrant a place among the chosen blockchains in the GDIF.
Interestingly, Grayscale has shown interest in ADA as it considers it as an investment option for two of its funds. ADA is made up of 1.6% of its GDLC as of January 4, 2024. Bitcoin and Ethereum were the major components, making up 69.15% and 21.90% respectively. The Grayscale’s GSCPxE Fund also has ADA making up a share of 19.77% while Solana makes up 44.54%.
