Solana’s Crown Slipping? Cardano Heats Up as a Top Crypto Rival
- Cardano (ADA) is retesting the 20-day EMA which is a major resistance at $0.80.
- Solana (SOL) has formed three consecutive bearish daily candles.
- SOL token price drop is a result of the LIBRA pump and dump scheme.
Solana (SOL) has stayed as the most popular blockchain in the past year especially as its meme tokens exploded on the blockchain network. However, SOL is in for a stiff competition from Cardano (ADA) as the blockchain is being upgraded.
While asset management firm Grayscale has said they plan to offer Solana and Cardano spot exchange-traded funds (ETFs) soon, CoinMarketCap data shows that SOL has crashed to the $180 price level, dropping a huge 17% in the past week. A major reason for this price drop is the launch of LIBRA meme coin and the pump and dump that followed it.
Related: Solana Meme Coin Chaos: Scandals Spark Investor Risk Debate
Solana Meme Coin Hype Fades, Hurts SOL Price
Galaxy Research said in a report on Monday that LIBRA has damaged the reputation of meme coins on Solana, one of the major reasons why the altcoin shot up to new all-time highs in the past year.
A similar scenario was seen when TRUMP and MELANIA tokens laun…
The post Solana’s Crown Slipping? Cardano Heats Up as a Top Crypto Rival appeared first on Coin Edition.
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Solana’s Crown Slipping? Cardano Heats Up as a Top Crypto Rival
- Cardano (ADA) is retesting the 20-day EMA which is a major resistance at $0.80.
- Solana (SOL) has formed three consecutive bearish daily candles.
- SOL token price drop is a result of the LIBRA pump and dump scheme.
Solana (SOL) has stayed as the most popular blockchain in the past year especially as its meme tokens exploded on the blockchain network. However, SOL is in for a stiff competition from Cardano (ADA) as the blockchain is being upgraded.
While asset management firm Grayscale has said they plan to offer Solana and Cardano spot exchange-traded funds (ETFs) soon, CoinMarketCap data shows that SOL has crashed to the $180 price level, dropping a huge 17% in the past week. A major reason for this price drop is the launch of LIBRA meme coin and the pump and dump that followed it.
Related: Solana Meme Coin Chaos: Scandals Spark Investor Risk Debate
Solana Meme Coin Hype Fades, Hurts SOL Price
Galaxy Research said in a report on Monday that LIBRA has damaged the reputation of meme coins on Solana, one of the major reasons why the altcoin shot up to new all-time highs in the past year.
A similar scenario was seen when TRUMP and MELANIA tokens laun…
The post Solana’s Crown Slipping? Cardano Heats Up as a Top Crypto Rival appeared first on Coin Edition.
Read More
Solana (SOL) Price Prediction for July 22