Here’s How High Cardano Must Rise to Overtake Solana

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%

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