Solana & Cardano Surge 20%, Flipping Dogecoin In The Process

• Solana (SOL) and Cardano (ADA) prices surged by 20% in the last 24 hours, making them two of the top altcoin gainers.
• Solana’s price has gained nearly 70% and has managed to push the price from December 2022’s $8 to the present $13.
• Cardano (ADA) has managed to get positioned as the 8th largest cryptocurrency by market cap after flipping Dogecoin.

The crypto market has been showing signs of recovery over the past few weeks, with Bitcoin’s price surpassing the $17,000 mark. Riding this wave of recovery, two altcoins, Solana (SOL) and Cardano (ADA), have surged by 20% in the last 24 hours.

Solana’s price has been on a steady upward trajectory since the beginning of 2023, with its value increasing by 70% since December 2022. This brings the price of SOL from $8 to its current figure of $13. This surge has been attributed to the success of FTX, which saw its value fall significantly, pulling the price of Solana down with it. Despite this, Solana managed to close 2022 with only a 95% drop in price, which was far less than other altcoins.

Cardano has also seen a significant increase in its price, jumping 20% in the last 24 hours. This has enabled Cardano to become the 8th largest cryptocurrency by market cap, surpassing Dogecoin. It’s believed that the surge in price is due to Cardano addresses holding between 1M-100M ADA coins accumulating more than 200 million ADA coins.

With both coins just a few figures away from their next bull run, investors are eagerly awaiting the next steps for both Solana and Cardano. If the upward trend of the past few weeks continues, both altcoins could be set to reach new highs in the near future.

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