Solana Poised to Gain Market Share Against Cardano
Bloomberg Intelligence analyst Jamie Coutts believes that Solana (SOL) is in a strong position to outperform Cardano (ADA).
Coutts highlights that Solana has more daily users than Cardano, despite ADA’s market cap being only 75% of SOL’s market cap.
He predicts that Cardano will lose market share to the more active Solana ecosystem, driving SOL up against ADA.
Looking at his chart, the trader suggests that SOLUSD/ADAUSD broke above its bear market resistance and remains in a bullish trend.
At the time of writing, Solana’s market cap is $17.30 billion, while Cardano’s is $12.71 billion.
Bitcoin Addresses Holding Strong
Coutts also observes that the number of Bitcoin addresses holding the cryptocurrency after making two purchases has reached a new all-time high (ATH).
He suggests that investors are holding for the long term as they anticipate approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Hot Take
According to Bloomberg analyst Jamie Coutts, Solana is well-positioned to gain market share against Cardano, driven by its larger user base and bullish trend. Additionally, Bitcoin addresses holding firm suggest long-term investor confidence and anticipation of an approved Bitcoin ETF.
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