Cardano Joins Top 10 Cryptos – Will ADA Challenge Solana Next?

The price of Cardano has risen by 2.5% in the past 24 hours, reaching $0.5954 and outperforming the crypto market amid speculation that Cardano may partner with SpaceX.

ADA is also up by an impressive 40% in a week, and this and today’s increase has enabled it to re-enter the market’s top ten in terms of capitalization.

The altcoin has also increased by 73% in a fortnight and by 69% in a month, with its annual increase sitting at 63%.

Yet the fact that its annual return is still relatively modest creates space for it to continue rising in the coming weeks and months, with its fundamentals combining with the market’s bullishness to cause some big gains.

Cardano Joins Top 10 Cryptos – Will ADA Challenge Solana Next?

ADA’s chart today finds its indicators regaining momentum after a momentary dip.

Its relative strength index, for instance, has risen from around 35 yesterday to 60 today, a sign that traders will be pushing the coin higher.

ADA is also experiencing relatively high trading volume today, at $2 billion.

This marks a 900% increase in trading over a month ago, a clear sign that demand has come to the coin.

And probably the main reason why ADA is outperforming the rest of the market today is that speculation has grown after Cardano founder Charles Hoskinson tweeted a photo of himself standing near a SpaceX rocket.

Charles Hoskinson just posted this picture in front of a SpaceX rocket!

In a Twitter space the other day, Charles mentioned he was preparing to sign the biggest deal of his life.

What deal do you think he's signed, and what's coming to Cardano? pic.twitter.com/GRGE9124eH

— big pey (@bigpeyYT) November 14, 2024

This has fuelled rumors that Cardano may partner with the Elon Musk owned SpaceX in some capacity, something which would be massive for the layer-one network and its native ADA token.

Regardless, ADA has been in line for a substantial rally for quite some time now, given how the market has neglected it in recent months and years.

It remains down by 80% in relation to its all-time high of $3.09, which it set back in September 2021.

This means it has lots of space to rise and rally in the near future, and with its fundamentals being among the strongest in the market, it could really wide the new bull market in a big way.

Its total value locked has risen beyond $330 million in the past few weeks, while it currently counts nearly 2,000 projects under development.

💻 The weekly development report is now live. For updates on what Input | Output's dev team has been working on this last week, head on over and take a look👇https://t.co/wcMB79AqR5

— Input Output (@InputOutputHK) November 8, 2024

Such fundamentals could help it to rally big over the next year, and while it’s unlikely that it will overtake Solana anytime soon, the Cardano price should certainly do good things.

It could reach $1 by the end of the year, while testing its ATH by the second half of 2025.

New Presale Tokens Show Strong Potential

ADA is overdue a big rally, but given that it has had a tendency to rise only steadily, some traders may prefer looking to newer and more high-performing tokens.

Presale tokens represent one group of coins that could experience especially strong rallies during the current bull market, with the biggest presales often ending in big listings.

One coin with a great chance of doing well in this respect is Flockerz (FLOCK), an ERC-20 token that has raised just over $1.8 million in its increasingly popular sale.

Shout out to The Flock!!!🔥

We just flocking hit 1.5m! The flock is indeed the best community in crypto right now, we are excited for what's to come!🐦👑 pic.twitter.com/wWHXmTMHET

— Flockerz (@FlockerzToken) November 12, 2024

Flockerz has the distinction of being the market’s first vote-to-earn token, with its platform rewarding holders for participating in governance votes.

This is likely to make FLOCK a very profitable token to hold, seeing as how every decision concerning its growth and development will go to its holders.

Owners will also be able to stake the coin, earning a staking income on top of any voting rewards.

FLOCK could therefore enjoy significant demand, with the coin having a max supply of only 12 billion.

Its protocol allocates 25% of this max supply to staking, with 25% going to governance rewards and 20% to the coin’s presale.

Investors can join its sale by visiting its official website, with the offering having 50 stages in total.

Participants can currently buy FLOCK at a price of $0.060289, which will rise fractionally in the next couple of days.

And given Flockerz’ momentum, it’s likely to rise much higher once the sale ends and FLOCK lists.

Buy FLOCK Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.