The cryptocurrency market is facing one of the most important crashes these days. Global crypto market capitalization has declined 9.6% to $2.53 trillion over the past 24 hours. Bitcoin (BTC) is trading at a level not seen since November 2024. Solana (Sol) and Cardano (ADA) also continue to be on the downtrend.
Solana and Cardano register large losses
Sol hit an all-time high of $293.31 in early January this year. Asset prices have fallen nearly 66% since their peak in January. Sol is currently on the verge of falling below $1,000. Sol’s prices have fallen by 15.4% on daily charts, 19.6% on weekly charts, 29.4% on 14-day charts, 27.5% on monthly charts, and 44.4% since April 2024.
Cardano (ADA) also follows Sol’s trends. The ADA has declined 13.2% on the daily chart, 14.1% on the weekly chart, 24.7% on the 14-day chart, 31.7% on the previous month and 6.7% since April 2024.
Which of the following will recover the loss first?
According to Concodex, Solana (Sol) will continue to struggle for the next few weeks. The platform expects its assets to reach $140.10 on April 28th. If the $140.10 target is reached, Sol’s price will rise by nearly 40%. Cincodex doesn’t expect Sol to cost more than $140. The platform expects its price adjustment to be around $122 by early May.
As for Solana (Sol), Cincodex does not expect Cardano (ADA) to recover anytime soon. The platform expects assets to reach $0.70 on April 28th. The ADA price will rise 27.27% if it reaches its $0.70 target. The platform also expects the ADA to reach $0.98 on May 17th.
Given the global economy’s slump, the crypto market could continue to pull down. If macroeconomic headwinds continue, Solana (Sol) and Cardano (ADA) cannot gather as predicted by Cincodex.
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