Solana (SOL) has witnessed a significant double-digit price increase, outpacing Cardano (ADA) and establishing itself as a formidable contender.
Currently priced at $28.40, Solana experienced a 29.4% rise over the past seven days, while Cardano’s price edged up just 4.1% to $0.25.
Solana’s market cap stands at nearly $11.9 billion, which puts it in eighth place by market capitalization, according to CoinGecko’s rankings. Cardano, which is currently valued at $9 billion, currently stands at ninth place.
In addition, Solana’s recent rally was not just limited to overshadowing Cardano. In the past week, Solana outstripped every other cryptocurrency in the top 10, including XRP, even though the latter was riding high on Ripple’s recent legal victories.
Asian investors driving rally
Asian investors appear to be a significant force behind Solana’s impressive performance, according to recent data.
Asia driving a lot of the SOL bid pic.twitter.com/P97q7KPE71
— ChiefingZa (@chiefingza) October 22, 2023
The graph above shows that the APAC region (Asia-Pacific) has shown a significant upward trajectory in the cumulative returns for SOL. At the same time, the U.S. remains stable, and the EU experiences a modest rise.
Solana’s booming NFT market
Solana’s performance is not restricted to its token price alone. According to data from CryptoSlam, the blockchain reported sales of $1.43 million in non-fungible tokens (NFTs) over the past 24 hours.
By comparison, Ethereum led the pack with NFT sales of over $9.9 million, followed by Mythos Chain at around $1.39 million. Notably, Cardano lagged behind with a modest $132,929 in NFT sales.
