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- According to Crypto Crow, Cardano is poised for a potential surge, surpassing Solana.
- Following the Bitcoin ETF launch, with Bitcoin’s price surge, profitability flows into the altcoin market.
- Analysts predict a bullish future for ADA, surpassing Solana, which is currently experiencing a downtrend despite its recent highs.
Altcoins steal the stage amidst the fluctuating Bitcoin market following the Spot Bitcoin exchange-traded fund (ETF) launch. In altcoins, Cardano and Solana deserve special reference, considering their increasing investor interest and promising price trends.
In an insightful video, market analyst Crypto Crow shared insights on the intriguing trends exhibited by the altcoins, especially Cardano (ADA) and Solana (SOL), following the ETF launch. Analyzing the trajectory of ADA and SOL, the analyst put forward a crucial question, “Is Cardano Taking over Solana as SOL lulls?”.
As per his video, the crypto space witnessed notable fluctuations and volatility, with almost 11 institutions’ Bitcoin ETFs coming into the market. He added that the companies accumulate investors into their ETFs by lowering the current supply, thereby driving the value of Bitcoins on the exchanges.
While whales who hold large amounts of Bitcoin start selling them at these profit points, the profitability flows into the altcoin market. Thus, by sharing insights into the interconnected nature of the crypto industry, Crypto Crow unveiled the current trends of ADA and SOL.
Solana has been showing an astounding surge in the last few weeks, bouncing back from its low of $10 in 2022 to $100+ in December 2023. Solana’s integration into traditional markets, including its partnership with Shopify and the launch of Saga Mobile, has reportedly bolstered SOL’s price.
However, Solana is currently going through a downtrend, with a daily decline of more than 6%. At present, SOL is trading at a price of $94.67, marking a weekly fall of 4.14% despite a monthly surge of 25.4%.
Moving on to Cardano, Ali Martinez, a prominent crypto analyst, has foreseen its potential surge to $0.700, revealing an unfolding bullish track. Despite a descending triangle formed on Cardano’s 30-minute chart, Ali predicted that ADA could reach the $0.700 mark if it surpasses the $0.638 mark.
Currently, ADA is trading at $0.5004, with a decrease of 4.41% in one day. Though analysts, including Crypto Crow and Ali Martinez, remain bullish about ADA, the current price shows a notable decline of 14.9% in 7 days and 18.42% in 30 days.
The post Altcoins Come to the Spotlight Post Bitcoin ETF Launch: Analysis appeared first on Coin Edition.