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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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Cardano’s native $ADA token may be eyeing a breakout to over $3 soon, if some technical indicators are anything to go by.
Cardano rose 5% in the last 24 hours and about 33% over the last seven days to trade at $1.13 as of this writing. This means it has outperformed market leader Bitcoin ($BTC) recently. The $2 billion market cap original cryptocurrency only rose 1.2% over the day and 8.3% over the week to trade at $100,639.
Meanwhile, Ethereum ($ETH), the token powering the eponymous blockchain that houses the most decentralized finance (DeFi) commerce, dropped 0.4% overnight but added 8.4% over the week to trade at $3,635.
Cardano founder and CEO Charles Hoskinson was originally a founding member of Ethereum, but he was removed from the project after differences of opinion over whether Ethereum would be run for profit or not.
Hoskinson was in favour of the former idea, but after his removal from the team in 2014, he quickly built the scalable Ethereum alternative Cardano.
The only similar blockchain token between Cardano and Ethereum is Solana’s $SOL, which fell 2.2% overnight but rose 12% over the week to currently trade at $214.
Will Cardano’s $ADA Hit $3?
Much of the speculation about Cardano rallying upward soon is down to analyst Ali Martinez finding what could be a bull pennant among Cardano’s candles from December onwards, as we can see in the tweet below.
While it’s certainly a possibility, one could also argue that Cardano’s performance over the last seven days has prevented it support and resistance (green and blue) lines from converging.
This doesn’t rule out the possibility of a bull run though.
It’s just not likely to happen instantly. Cardano’s relative strength index (RSI) is 67 and falling after having peaked above 70.
This means its price is a little on the steep side and a small sell-off is gaining momentum which should consolidate $ADA on or around its current level before it’s ready to go for $2.
As Cardano Breakout Looms, Savvy Traders Enter Solana’s New Solaxy
With Ethereum, Solana and Cardano all outperforming Bitcoin this week, there’s clearly a big appetite for Bitcoin alternatives, or ‘altcoins’.
Over in the presales market, an ICO for Solana’s first meme coin-focused Layer 2 solution, Solaxy ($SOLX), has raised over $9 million in around three weeks, boosted by a $158k whale investment on New Year’s Eve.
Solaxy addresses Solana’s congestion challenges by bundling transactions on a second layer before settlement on Layer 1, enhancing scalability without compromising performance.
It also bridges Solana with Ethereum, combining Ethereum’s liquidity with Solana’s speed and cost-efficiency for seamless DeFi and meme coin trading. Given Cardano’s relative weakness on the meme scene, $SOLX is the perfect portfolio diversifier for $ADA holders.
Solaxy protocol has attracted significant attention, with influencers like StockInvestor and ClayBro highlighting its potential. Solaxy has gained over 60,000 social media followers as excitement builds for its role in Solana’s meme coin and DeFi expansion.
Investors can purchase $SOLX at $0.001594 per token, though this price will incrementally rise to $0.001596 within two days.
Early investors benefit from high staking yields, currently offering up to 389% APY, though this rate decreases as more tokens are staked. Supporters have already staked around 3 billion $SOLX tokens.
Purchase $SOLX at Solaxy.io or via Best Wallet’s ‘Upcoming Tokens’ feature. Funds from the presale will support product development and marketing, positioning Solaxy for long-term growth.
Stay updated on X and Telegram.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
