Ada, Sol & Matic: Why does Cardano lose popularity while solana and polygon catch up?

Ada, Sol & Matic: Why does Cardano lose popularity while solana and polygon catch up?

Why Ada is currently not very popular with investors

The digital currency market has again experienced a reset that pressed the Bitcoin course below $ 30,000 and contained Cardano (ADA) with a minus of around 2 %. Although other cryptocurrencies like SOL do even worse today, there has been a significant under -performance at Sol, Matic and WSM compared to ADA in the past few weeks. The ada course simply did not get going and has only seen a moderate price plan of 6.5 % in the past seven days, compared to the impressive 20 % in Solana.

on-chain data from Intothlock show that over 80 % of all ADA holders currently have losses, while only $ 13 are in the profit zone. But why is Ada so little popular with investors?

The starting point of Ada, Sol & Matic is comparable. The wide market has been mainly influenced by the Ripple judgment in the past few days. At first, euphoria returned to crypto investors and the buyers returned. But then there was a certain skepticism, as it is unlikely that the SEC will give up its fight against cryptocurrencies so easily. Finally, Ada, Sol & Matic, were all classified as securities by the US stock exchange supervision, as part of the lawsuits against Binance and Coinbase. This led to a massive drop in the price.

Now the supporters are optimistic. If XRP is not a security, this should also apply to ADA, Sol & Matic. Although the starting point is comparable, the latest price development was very different. While Cardano has increased by 6.5 % in the past seven days, Solana has increased by 22 %.

Cardano has become more active and was able to generate several purchase signals, but it still has difficulty attracting the billion dollar capitalization. The Total Value Locked (TVL) recently achieved a new annual high with over $ 180 million. The recovery is progressing, although there is only a manageable number of dapps. Nevertheless, a TVL of $ 180 million may appear too low compared to the market capitalization of almost $ 11 billion to arouse investors' interest again.

Cardano was traded as the greatest competitor of Ethereum, thanks to the scientific approach, the ambitious goals of Charles Hoskinson and exciting projects. But times have changed. The market for layer 1 blockchains is saturated, and new blockchains such as aptos, avalanches, Sui and especially Solana have expired Cardano. The fundamental progress seems to be too low. The imagination also plays a role in the evaluation of assets on the financial market, and this seems to be missing at ADA.

In contrast, Solana has strong growth. With a course plan of around 67 % in the last month, Solana is significantly stronger than ADA. The momentum returns and Sol is at an interesting chart. Because the support stops further price declines. A successful retest could offer a chance for a long position that can be secured closely at the same time.

polygon also shows technically promising signals. The downward trend line of the past few weeks has been broken, as was the horizontal resistance at Matic. If the outbreak is sustainable, the current price level could also be attractive for an entry. At the same time, the activity with polygon remains high and according to the on-chain data, polygon is in the first place in the daily active addresses among all L1 and L2 blockchains.

polygon currently also offers imagination through an impending changeover of the blockchain. With the changeover from an Ethereum-Sidechain to a real Ethereum L2 scaling solution, Polygon Labs wants to strengthen security and trust in polygon and make the entire polygon ecosystem more competitive. In contrast to Ethereum-Layer-2 networks such as Optimism and Arbitrum, which are based on the security of Ethereum, Polygon uses its own network and independent participants for the security of the side cechain. This change could significantly upgrade polygon.

While ADA holders are faced with increasing opportunities, Wall Street Memes generates a bullish momentum. The Presale of Wall Street Memes has already raised a capital of $ 15.5 million and demand is enormous. With over a million followers on social networks, Wall Street Memes is already hope for parabolic course development. As a meme coin similar to "Pepe", the community of Wallstreetbets passionate and currently accumulates WSM. Thanks to fairer tokenomics, insider dumps remain excluded. The Presale of Wall Street Memes in July 2023 is one of the most exciting events in this area.