Solana, Cardano Tokens See Price Bump Amid Strong Transactional Activity

Activity on decentralized applications (dApps) built on Cardano and Solana grew over the weekend and the tokens of the protocols outperformed the broader crypto market. By shauryamalwa

from the on-chain tracker Artemis show daily active users of Solana increased by over 40% in the past two weeks, from nearly 300,000 users in late December to over 525,000 wallets as of Monday.

SOL traded over $16 on Monday, breaking over the $14 resistance over the weekend reaching prices last seen in November. The tokens have gained some 60% in the past week – a strong recovery from the $7 mark in the last week of December – but may see selling pressure in the coming days as traders take profits.

Elsewhere, ADA added over 20%. Prices spiked to as high as 34 cents in early Asian hours on Monday, before seeing resistance, from 26 cents on Friday.shows. NFT marketplaces such as Spacebudz and EpochArt saw transactional volumes grow by as much as 200% in the past week, while DeFi protocols SundaeSwap and Lending Pond saw transactions increase by over 60% in the same period.

Growth for both the token came amid a broader crypto market recovery, with overall capitalization increasing by 3.5%, and bitcoin and ether crossing $17,000 and $1,500 respectively. As such, both ADA and SOL are down over 90% since their 2021 lifetime peaks.

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