A large double-digit price surge for Solana (SOL) has seen it surpass Cardano (ADA) and establish itself as a strong competitor.
Solana’s price, which is currently $28.40, has increased by 29.4% in the last week, whilst Cardano’s price has only increased by 4.1% to $0.25.
According to CoinGecko’s rankings, Solana’s market value is close to $11.9 billion, placing it in eighth position overall by market capitalization. Cardano, which has a market cap of $9 billion, is presently ranked ninth.
Furthermore, Solana’s recent rise did more than simply eclipse Cardano. Solana outperformed each of the top 10 cryptocurrencies in the last week, including XRP, despite the latter’s popularity being boosted by Ripple’s recent court victory.
Asian investors driving rally
According to recent statistics, Asian investors appear to be a major driving force behind Solana’s outstanding growth.
https://x.com/chiefingza/status/1715956402122789341?s=20
According to the graph above, the cumulative returns for SOL have significantly increased in the APAC area (Asia-Pacific). At the same time, the U.S. maintains its stability while the EU sees a slight improvement.
Solana’s booming NFT market
The performance of Solana extends beyond the value of its token. Data from CryptoSlam shows that over the last 24 hours, non-fungible tokens (NFTs) have been sold for $1.43 million.
In contrast, Mythos Chain came in second with NFT sales of over $1.39 million, trailing Ethereum by about $9.9 million. Notably, Cardano trailed with meagre NFT sales of $132,929 in comparison.
