Altcoin Rally Lead by Cardano (ADA), and Solana(SOL), Each With 20% Gains

Over the weekend, the wider cryptocurrency market provided a fresh boost with altcoins leading the charge. Altcoins rallied with 20% each on Sunday, January 8.
Cardano (ADA), currently trading at $0.33, is up 19.80%, and has a market cap $11.3 billion. ADA has been showing significant strength since the beginning of 2023 with almost 10% gains last week.


Since the ADA resumed whale accumulation, Cardano has been in the news again. Cardano has been addressing holding between 1M and 100M $ADA, adding a total of more 200 million ADA coins since New Year’s Day. According to the technical charts, Cardano’s ADA crypto has just passed the resistance level at $0.3. If the ADA price holds above this, we can expect it turn this resistance into support and continue the journey.
Cardano and Solana (SOL), join the party
Solana (SOL) is another major altcoin that has seen a significant price rise in the past week. The Ethereum competitor has seen its price rise by 20% and is now trading at $16. It has a market capital of $5.9billion.
The SOL price has seen a 60% increase in the last week. This makes it one of the best-performing altcoins on the market. SOL was subject to a huge correction after the November 2022 collapse of crypto exchange FTX. Solana ended 2022 with a 95% price drop, but bulls are now back in the game going into 2023.
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According to the technical charts, Solana has risen past its initial resistance of $15. SOL’s next immediate resistance is $18.1. This could be broken by Solana and set up crypto for the next bull market.
The wider altcoin market is buzzing right now with Ethereum (ETH), which has 4% gains, and Binance’s BNB coin up by 7%. Polygon’s MATIC (Polygon) and Litecoin(LTC) are up by 7%, 8.5%, respectively.

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