In a remarkable turn of events, Solana (SOL) and Cardano (ADA) have emerged as unexpected leaders in the cryptocurrency market, outperforming even the mighty Bitcoin (BTC) in recent gains.
As Bitcoin made a strong comeback, rallying to four-week highs above $45,000, it breathed new life into the crypto market, with altcoins like SOL and ADA leading the charge.
Solana's SOL token reclaimed the $100 level, erasing the price drop caused by the network's five-hour outage. It currently trades at $102, up 5% in the past 24 hours. Cardano's ADA fared even better, posting a 7% daily advance.
These two cryptocurrencies were the only ones in the broad-market CoinDesk 20 Index (CD20) that managed to outperform Bitcoin's 3% daily gain. The CD20 index, which tracks the performance of the largest crypto assets, was up 4%.
Renowned pseudonymous crypto trader Wick has hinted at further gains for Solana. Pointing to its recent price action, Wick suggests that the token is forming a chart pattern similar to the ones seen in October and December before big moves.
Although most other large cryptocurrencies trailed behind Solana and Bitcoin in terms of gains, the overall prospects for the wider altcoin market appear optimistic based on insights from Caleb Franzen, the founder of analytics firm Cubic Analytics.
Franzen noted that the total market capitalization of cryptocurrencies excluding BTC and ETH (TOTAL.3), a proxy for altcoins on TradingView, retested a key accumulation zone and now shows signs of bouncing off from oversold levels.
As the crypto market continues to undergo a remarkable resurgence, all eyes are on Solana and Cardano, as traders and analysts speculate about the potential for an "extreme move" ahead.
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