Cardano Escapes Bear Zone to Gain Lead Over Solana

Cardano Escapes Bear Zone to Gain Lead Over Solana
  • Cardano and Solana are having a duel for the 7th spot in terms of market cap.
  • ADA is currently leading as its $0.8 support proved adamant.
  • SOL may attract investors due to its almost-oversold state.

Cardano (ADA) and Solana (SOL) are having a tussle over which coin will prevail in terms of market capitalization. In the short term, ADA appears to be winning over SOL with a market capitalization of $29.9 billion. Meanwhile, SOL price is hot on the heels with a market cap of $29 billion.

ADA/USDT 1-hr chart (source: TradingView)

As seen on the above chart, ADA price was able to escape from the bears at $0.8. This is the first time that ADA touched the $0.8 territory after almost one year. Traders and investors were quick at rescuing ADA from bear territory, helping it recover into the $0.9 range. However, ADA still has to retake its 15% loss in the last 7 days.

However, ADA supporters cannot rest because the battle back to $1 is far from over. The possibility of a pullback is still at play, and if ADA loses firepower soon, it may return to the claws of the bears.

ADA/USDT 1-hr chart (source: TradingView)

On the other hand, SOL price appears to have hit a brick roof at $93, causing a rejected attempt back to the $100 zone. The psychological resistance is right near the 50-day Simple Moving Average (SMA).

If Solana supporters generate enough trading volume, it might attract the attention of traders. At the moment, it is possible due to its near-oversold state, as revealed by its Relative Strength Index (RSI) of 36.

In other news, CryptoNewsLand was able to interview Ivan on Tech during the Superverse Dubai conference held on Feb 22.

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