Amid the market recovery sentiments, Cardano and Solana secured significant momentum in terms of price increases.
Cardano and Solana are proof-of-stake (PoS) consensus-based Blockchain networks, which are known for efficient cryptographic transactions. Solana is popular for its Proof of History (PoH) protocol that helps the network process transactions with scalability up to 50k TPS.
On the other hand, Cardano is popular for its innovative development activities to bring the use of Blockchain technology to a real scale. Cardano Devs is also working to introduce up to 1 million scalabilities to the Cardano network.
In the last 24 hours, the Crypto market showed a significant greenish signal, where most crypto assets rose by at least 1.5%.
Cardano’s Rising
Cardano (ADA) is up about 18% in the last 24 hours. The sudden increase in the price of the ADA coin is not something strange because the Cardano Blockchain network is free from any kind of controversial news.
Yesterday Cardano founder Charles Hoskinson said he will work with lawmakers to pass Crypto legislation, and tweeted the following:
“Thanks to SBF, coming up with the 2023 game plan for working with regulators and lawmakers to pass sensible cryptocurrency and Blockchain legislation is looking a lot like Marius being told to shatter a Soulstone in Hell. You all dress for warm weather?”
Solana’s Rising
The Solana coin (Sol) increased by about 21%, which is strange because in the last 24 hours, the Solana network faced criticism for a new bug that caused the Solana Foundation RPC endpoint to go offline.
The increase in the price of the Sol coin was strange. Just two weeks ago, Vitalik Buterin, co-founder of the Ethereum Blockchain, spoke about the Solana Blockchain project, noting that the big players are now out of this project and that Solana may have a bright future.
Buterin tweeted that “Some smart people tell me there is an earnest smart developer community in Solana, and now that the awful opportunistic money people have been washed out, the chain has a bright future. Hard for me to tell from outside, but I hope the community gets its fair chance to thrive.”
The price of SOL fluctuated between $0.50 and $1.50 for the rest of the year after its launch in March 2020. Then, during the 2021 cryptocurrency bull run, SOL became one of the top-performing assets, with a price reaching $55.91 in May 2021. SOL’s price fell as low as $23.49 in July 2021. But it rose again in the second half of the year, reaching an all-time high of $258.93 in November 2021.
SOL has rallied remarkably after falling more than 41% in the wake of the FTX debacle. Solana was previously a favorite of Sam Bankman-Fried, and was reportedly dubbed an “Ethereum killer.” The current SOL price is $16.17, and there has been $1,167,814,860 worth of trades in the last 24 hours, according to CoinMarketCap.
By Audy Castaneda
