By
Steve Muchoki
April 19th, 2024
The huge popularity of Bonk, a Solana-based meme coin, has significantly increased the overall SOL demand in the crypto world market.
As Bitcoin price crossed over $17k comfortably during the weekend, Solana and Cardano’s prices gained approximately 20 percent on Sunday to trade around $16.19 and $0.3254 respectively on Monday. According to data provided by Binance-backed Coinmarketcap, Solana (SOL) price is up 21.7 percent in the past 24 hours while Cardano (ADA) price is up approximately 17.63 percent in the same period.
The two crypto projects focused on DeFi smart contracts, recorded a slump in on-chain activity following the FTX implosion late last year. Notably, the effect was more pronounced on Solana, which was heavily bolstered by FTX through its token listing and traded volume. Nonetheless, the huge popularity of Bonk – a Solana-based meme coin – has significantly increased the overall SOL demand in the crypto world market.
Notably, BONK price is up approximately 1754 percent in the past ten days to trade around $0.00000162 on Monday. Nonetheless, the BONK price has dropped approximately 67 percent in the past four days in addition to yesterday’s 16.6 per cent.
Closer Look at Solana and Cardano Market Outlook
Besides crypto speculation, Solana has been developing a mobile development kit for Web3 enthusiasts to tap on its Saga phone. As such, market strategists believe SOL to regain $20 in the next coming weeks with minimal resistance.
Generational bottom or not, sub $10 buyers are doing pretty well.
+60% from the lows.
I think we'll see $20 $SOL this Q1. pic.twitter.com/sDmTEfDe5p
— Inmortal (@inmortalcrypto) January 3, 2023
The SOL ecosystem has received a tremendous boost from the relentless development of decentralized financial applications including NFT marketplaces. According to aggregate data provided by defillama, the total value locked (TVL ) in the SOL ecosystem is about $247.82 million as of Monday.
Top projects on the Sol ecosystem include Raydium, Solend, and Saber with a TVL of about $31.5 million, $21.34 million, and $21.65 million respectively. As of today, the Solana ecosystem has a market capitalization of about $6,061,288,508 and a 24-hour trading volume of approximately $1.5 billion.
The Cardano (ADA) ecosystem, on the other hand, takes pride in a total value locked (TVL) of approximately $67.01. Top DeFi projects include Minswap, SundaeSwap, and WingRiders with a TVL of approximately $27.44 million, $7.8 million, and $11 million respectively.
Notably, the Cardano ecosystem reported a daily traded volume of approximately $866 million on a market capitalization of about $11,251,154,792.
The recent spike in crypto prices has reduced the possibility of a continued bear market in 2023. Market strategists forecast the crypto market will consolidate in the next twelve months. Moreover, clear regulations are expected to enter the crypto market worldwide following the FTX and Terra Luna sagas.