Price of Cardano and Solana Up 21%

According to CoinGecko statistics, the value of ADA increased by more than 21% late Sunday, re-entering territory not seen since November. Cardano, the eighth-largest cryptocurrency by market capitalisation, witnessed its price surge to $0.33, a level not seen since 19 November. Cardano's value increased faster than that of the top two cryptocurrencies, Bitcoin and Ethereum.

Why has the price of Cardano risen?

The reasons for the jump in ADA this week need more examination. The blockchain's most recent key milestone was the September deployment of the long-awaited Vasil split. Nonetheless, Cardano co-founder Charles Hoskinson has recently received considerable attention.

Hoskinson's company, Input Output HK, is preparing for the upcoming release of the Lace Cardano wallet. In June, Hoskinson announced the establishment of Nessie's, a restaurant and whiskey bar accepting ADA. Hoskinson also announced on Thursday that his new Hoskinson Health & Wellness Clinic in Wyoming would accept ADA as payment.

Views on the price of Cardano going up

Cryptocurrency trader Lark Davis was shocked by ADA's remarkable price jump, asking: "Did they discover a cure for cancer or something?".

Dan Gambardello, a trader, has publicly claimed that ADA is cheap and oversold.

The price of Solana also increases

Solana had the best opening week of the year of any top-20 coin, with a 60% rise in seven days. It's a stunning comeback for SOL, which fell more than 41% in the aftermath of the FTX crash. Solana, sometimes dubbed an "Ethereum killer," was a favourite of Sam Bankman-Fried.

According to CoinGecko, the disgraced founder's fall from grace last autumn brought Solana with it, down 94% from its all-time high of $259 recorded only one year previous. Last week's increase occurred as Solana creators released a new, Shiba Inu-themed BONK currency to compete with SHIB. Even though the launch celebration was short-lived, BONK outperformed all major cryptocurrencies during the week.