Despite its latest recovery attempt, Cardano (ADA) would still need a significant rally to overtake Solana in the global crypto rankings.
The fresh wave of downturn that rocked the broader crypto market yesterday has once again affected Cardano’s recovery prospects. On Monday, Cardano soared to $0.6913, reigniting investors’ hope of a rebound to $0.70.
However, the move was short-lived as ADA suffered another dip, dropping to $0.6394 yesterday. Despite rebounding to $0.6418, it remains down 3.71% over the past 24 hours. This brought the asset’s monthly decline to 20.30%.
Like Cardano, other tokens, including Solana, also suffered similar pullbacks. At press time, Solana had lost 4.61% of its value over the past day.
Cardano Pump Inbound?
Despite the broader market downturn, Cardano enthusiasts remain bullish about the asset’s potential performance next month.
According to community member Tyler Burke, ADA has historically shown strong growth patterns in November. This trend was especially evident in November 2024, when Cardano surged 216% during the month, coinciding with the re-election of Donald Trump. Notably, Burke urged the community to prepare for an imminent rally, declaring that a pump is inbound for ADA.
Growth Required for Cardano to Overtake Solana
As this bullish momentum gains steam, we explore how high Cardano must soar to overtake Solana in the global crypto rankings.
At the moment, Solana occupies the sixth position in the global crypto ranking — a spot Cardano once held. However, following a prolonged market downturn, Cardano has slipped to the 10th position.
Notably, ADA has a market valuation of $23 billion and is trading at $0.6418 per ADA. In contrast, Solana sits higher with a market cap of $106.8 billion, as each SOL trades around $194.28.
For Cardano to surpass Solana in the global crypto rankings, its market cap would need to rise substantially above Solana’s current valuation. To put this into perspective, ADA would need to reach a market cap of at least $107 billion, representing a 365.21% increase from its current valuation.
This projection, however, assumes Solana’s market cap remains below $107 billion, which is highly improbable given Solana’s strong market performance and growing adoption.
Given Cardano’s supply of 35.85 billion tokens, an estimated market cap of $107 billion translates to a unit price of $2.985 per ADA. Nonetheless, the target would still be 4.02% below ADA’s previous all-time high of $3.10, registered in September 2021.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
