- SOL was able to flip ADA in terms of market cap, earning it a spot on CoinMarketCap’s trending list.
- Both SOL and ADA saw their price decline over the past 24 hours of trading.
- SOL’s price was attempting a retest of the $20.70 support level at press time.
Solana (SOL) hit CoinMarketCap’s trending list after it was able to flip Cardano (ADA) in the market cap race. After surpassing ADA in market cap, SOL was trading hands at $21.77 at press time, after its price slipped by 2% in the past 24 hours of trading.
Along with its latest price decline, SOL’s 24 hour trading volume dropped by 7.30%, which left it standing at $252,474,294. Additionally, SOL suffered losses of more than 6% in the past seven days as well. However, the Ethereum-killer’s price was still up by 21.26% on its monthly time frame.
SOL’s market cap of $9,055,738,315 ranked the altcoin as the seventh largest token in terms of market capitalization. This placed it behind USDC in the sixth position and, most notably, in front of ADA with its own market cap of $8,680,457,855.
From a technical standpoint, SOL’s price was attempting a retest of the $20.70 support level at press time. Should it break below this key price point, then, it may continue to decline towards the subsequent support at $17.25 in the following week.
On the other hand, if the $20.70 support level holds, then SOL’s price could rebound off of the mark. This may then lead to the altcoin’s price climbing to the next threshold at $25.35.
Similarly, ADA’s price was also in the red today after its price experienced a slight 0.03% drop throughout the past day of trading. Consequently, ADA was trading at $0.2469, which was just a bit closer to its 24 hour low price of $0.2454 than its daily peak price of $0.2487.
Meanwhile, ADA’s price had dropped below the $0.2565 support over the past week. As a result, the cryptocurrency was at risk of falling to $0.2350 in the next couple of days. This bearish thesis may be invalidated if ADA closes a daily candle above $0.2565 within the next 3 days. In this scenario, the cryptocurrency’s value could rise to $0.2820.
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