The crypto market appears to have gained significant strength as the majority of the tokens have been witnessing a significant upswing in the past few days. However, altcoins like Cardano and Solana who are tough competitors within the DeFi and NFT space, are expected to recover from their losses soon.
Cardano and Solana are among the popular chains that are more focused on DeFi and NFT space. Although Cardano has recorded a couple of milestones, Solana is able to catch up with the pace of competing with the giant Ethereum. At its peak, Solana’s Total Value locked (TVL) crossed $10 billion compared to that of ADA which is around $326 million. Solana is also the among the largest platform for NFTs.
However, Solana suffered dreadful days due to its close association with the FTX exchange. The platform was negatively impacted causing the TVL and NFT training volume to get slaughtered very hard.
In terms of price, Solana had experienced a massive price crash amid the FTX fiasco but soon recovered and sparked a fine upswing since the beginning of 2023. Besides, Cardano’s price remained more stable than Solana’s and is displaying a calculated approach. However, the recent descending trend dragged both tokens toward their yearly lows. While Cardano managed to rebound and rise by 37.32%, SOL price soared by more than 98%.
If we consider the historical data, then Solana has been a better performer than Cardano. But Cardano chain has never halted or faced a downtime like Solana which has registered its first halt after experiencing nearly 8 times in the previous year.
Therefore, both altcoins are expected to thrive once the crypto space flips from bearish captivity.