Solana (SOL), Cardano (ADA), and Dogecoin (DOGE): How Are They Performing in the Crypto Market?

Let's see in this article all the details and the latest news concerning the performance of Solana (SOL), Cardano (ADA), and Dogecoin (DOGE)

Solana (SOL) has soared to new heights in the crypto market, surpassing the highs of early 2023 and reaching levels last seen during the bull market of 2021.

The native token of the Solana blockchain has surged by 34% in the past week, following a strong rally fueled by the rise of Bitcoin and a rate cut by the Federal Reserve.

Solana's impressive gain has pushed it to the fourth position in the cryptocurrency market capitalization rankings, with a valuation exceeding $100 billion.

This surge has sparked discussions on social media about the possibility of SOL "flipping" Ethereum (ETH), which currently ranks second with a market cap of around $389 billion.

Solana has gained significant momentum in the past year, emerging as a key player among the most dynamic crypto ecosystems.

The network has attracted retail interest and played host to phenomena like the memecoin mania, with innovative projects like pump.fun emerging from the Solana ecosystem.

According to an analysis by Coinbase, the increase in decentralized finance (DeFi) activity has also contributed to Solana being recognized as the third most profitable ecosystem.

Some traders believe that SOL could soon reach new highs, potentially setting off a broader bull run in the crypto market that could continue into 2025.

Cardano (ADA) has also made a strong move in the cryptocurrency market rankings, surging past Tron (TRX) to become the ninth-largest cryptocurrency by market capitalization, which now stands at over $21.5 billion.

In just 24 hours, ADA soared by 40%, adding more than $3 billion to its market cap. Currently, Cardano is trading at around $0.617, a price level not seen in three months.

According to an analysis by Santiment, the recent rally was triggered by FOMO (fear of missing out) among retail traders, making the jump of ADA a "long-awaited surprise" for the community, as stated in a post on X.

Data from CoinMarketCap indicates that the trading volume of ADA increased by 160% in 24 hours, highlighting the growing retail interest in the cryptocurrency.

In parallel, the number of unique addresses that made transactions reached 37,000, the highest in the last two months.

The rally of Cardano comes in a context of solid fundamentals, with many analysts seeing similarities with the bull cycle of 2020.

Dan Gambardello, crypto expert, noted that ADA could follow the pattern of that historic bull run that led to a 4,000% gain in ten months, peaking at $3.10.

On the other hand, the analyst Ali Charts predicts a potential gain of 2,000%, which could bring Cardano to $6.31 by September 2025.

In the derivatives market, the open interest (OI) of ADA rose by 65% in just one day, reaching $546 million, which marks the highest level in seven months and indicates a strong bull sentiment among traders.

If this trend persists, ADA could continue to rally towards new highs.

The price of Dogecoin (DOGE) has soared this week, continuing a remarkable rally that has seen the meme coin more than double in value over the past 30 days.

With an impressive 115% gain during this period, DOGE has surged past the $0.22 mark, reaching levels last seen in early April, over seven months ago.

Currently, Dogecoin is trading at its 2024 high, putting many investors in the green. According to data from IntoTheBlock, 91.17% of DOGE holders are now in profit.

The metric shows that 5.82 million addresses have recorded profits thanks to the recent bull rally.

Furthermore, 62.35% of the addresses that purchased DOGE at a price between 0.1785 and 0.2429 dollars are now in profit, indicating the strong bull momentum of the token.

As a new week approaches, the future of Dogecoin could unfold in two possible directions. One scenario suggests a slowdown in the rise, with the price potentially facing difficulties in overcoming crucial resistance levels.

If the holders, now in profit, decide to sell to cash in the profits, a downward pressure could emerge, leading to a significant price correction.

However, if the current buying momentum persists, Dogecoin could continue to rise, aiming for the all-time high of 0.7316 dollars by the end of the year.

With a current market capitalization of 34.9 billion dollars, DOGE has increased by 11.5% in 24 hours, reaching 0.2352 dollars.

The crypto analyst Mags

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