Solana (SOL) has been setting a remarkable pace in the crypto markets, with its price skyrocketing 29.4% over the last 7 days. This dwarfs the gains of rival Cardano (ADA), which only edged up 4.1% in the same period.
Currently valued at $28.40, Solana’s market capitalization stands at nearly $11.9 billion – putting it in 8th place overall. Cardano sits at 9th with a market cap of $9 billion. This surge propelled Solana past every other top 10 cryptos despite recent wins fueling XRP.
Data suggests Asian investors are driving Solana’s rally. Returns for SOL cumulatively show a significant uptrend in the APAC region, while the U.S. remains stable and the EU sees modest gains.
Beyond price, Solana is also dominating in NFT sales. Solana generated $1.43 million in NFT trading volume over 24 hours according to CryptoSlam. Though behind Ethereum’s $9.9 million, it dwarfs Cardano’s $132,929.
With growth outpacing rivals and an expanding NFT ecosystem, Solana continues staking its claim as a formidable competitor amidst rapid adoption in Asia. Its recent tear leaves Cardano lagging despite similar ambitions to be a versatile, scalable blockchain. Solana’s ascendant profile positions it as a potential threat to Cardano’s market standing.
