The ongoing competition between two of the top 10 smart contract platforms, Cardano and Solana, has been heating up in recent months. As per recent data, Cardano’s ADA trading volume surged by 70% amidst growing network competition.
However, Solana continues to hold the lead in the Total Value Locked (TVL) front, with a TVL of $264.98 million compared to Cardano’s $148.49 million, according to Defillama’s statistics.
Despite Solana securing a bigger piece of the TVL pie on a technicality, Cardano’s market cap lead may allow it to narrow the gap between the two networks. It has been catching up quickly despite its late entry into the smart contract space, launching its capabilities only in September 2021, following ‘Alonzo’ Hard Fork.
Both are Proof-of-Stake (POS) networks with smart contract capabilities, similar to Ethereum. While Solana’s TVL has not bounced back significantly since the start of the year, Cardano’s TVL is growing at a faster pace. However, Solana has been averaging higher trading volumes compared to Cardano.
Investors looking for a clear winner in the Cardano vs. Solana battle may have a hard time picking one. The two networks have been pushing for more organic growth, but the current state of the market has been slowing them down. Diversification may be the key for investors to benefit from both platforms.
Cardano (ADA) Price Analysis
ADA is currently showing bearish signs, as per the latest data from CoinMarketcap. The cryptocurrency is trading at $0.3674, down by about 0.83% in the last 24 hours. However, the weekly chart recorded a significant decrease of about 6.40%.
In addition, its trading volume has witnessed an increase of 73.32%, reaching $338,361,324 in the last 24 hours, whereas the market capitalization has increased by 0.78%.
The network has released Node 8.0.0, which paves the way for the Conway ledger era (Protocol Version 9.0). This upgrade is significant for the Cardano ecosystem as it introduces crucial features that could impact the ADA token’s future.
As reported by TronWeekly, Node 8.0.0 also includes experimental support for Voltaire, which is expected to provide governance tools for Cardano, further decentralize the network, and empower its community.
Nevertheless, according to price predictions, ADA’s price will decrease by $0.008 in 7 days to reach $0.35937 on May 18th, 2023, due to a long-term bearish trend based on technical analysis. In the short term, a machine learning algorithm predicts a slight decrease in the next few hours.
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