Solana (SOL) and Cardano (ADA) are leading the crypto market’s gains, showing slight inflows over the past 24 hours. The total market cap has risen to $2.28 trillion, up 3.35% today.
Previously, it was over $2.6 trillion with high institutional inflows. Known as ETH killers, Solana and Cardano have recorded inflows along with gains in meme coins and DeFi tokens. Solana’s role as a leading smart contract blockchain impacts DeFi activities and volumes.
Solana Leads Market Rebound with Significant Gains
In the past couple of years, Solana has earned a reputation for outpacing top assets during market rebounds. Today, SOL is up 5.98%, completely eclipsing its weekly outflows. The weekly figures are now in the green, with SOL trading at $137.73. However, the 30-day numbers are down 17%, reflecting previous losses.
Solana’s market cap has soared to $63.5 billion, while daily trading volumes have fallen to $2.5 billion. Despite the drop in trading volumes, SOL’s price has moved past several resistance levels, and bulls are projecting a new price run. The rebound could see the asset reclaim previously lost levels.
At press time, the total value locked (TVL) on Solana is $4.25 billion, a 6.44% increase in the last 24 hours, according to DeFiLlama. DeFi volumes are also up as market activities pick up, further indicating a positive trend for Solana.
Cardano Sees Gains Amid Market Rebound
Cardano is currently trading at $0.3932, having gained 4.5% in inflows over the last 24 hours, which has helped to offset some of its previous losses. ADA’s weekly numbers have jumped 3.2%, increasing its market cap to $14 billion.
Network upgrades continue to be a major driver for Cardano’s performance amid current macroeconomic factors. While ADA’s long-term gains have decreased, institutional investors are optimistic about a potential interest rate cut as a bullish factor this year.
Other crypto assets, including Bitcoin (BTC) and Ethereum (ETH), have also recorded gains, reflecting a broader market rebound.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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