 ▲ Solana (SOL) |
The news that VanEck and 21Shares submitted an application for Solana (SOL) spot exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC) has become a hot potato in the cryptocurrency industry. At the same time, Solana token prices also recorded an upward trend.
Cardano (ADA), which claims to be a rival to Ethereum (ETH) along with Solana, announced on the 2nd (local time) the introduction of blockchain network sustainability indicators that comply with the European Cryptocurrency Regulation Act (MiCA). Cardano also recorded a rally of nearly 7% compared to a week ago.
What do the public think about Solana and Cardano? Let’s check it out with the big data analysis platform Some Trend.
 ▲ Source: Some Trend |
Solana vs Cardano, what is the trend in mention volume?
During the week from June 26 to July 2, Solana was mentioned 121 times and Cardano 10 times.
 ▲ Source: Some Trend |
 ▲ Source: Some Trend |
 ▲ Source: Some Trend |
 ▲ Source: Some Trend |
Solana vs Cardano, what are the images and key emotional words?
Solana's image was confirmed to be positive, with 62% positive, 18% negative, and 20% neutral. Among the major emotional words, positive expressions include 'strong', 'expected', 'high level', 'compensation', 'attractive', 'showing strength', 'best', and 'new form'. Negative expressions include 'soaring' and 'concern', while neutral expressions include 'soaring' and 'unlikely'.
Cardano's image was confirmed to be positive, with 75% positive, 25% negative, and 0% neutral. Among the major emotional words, positive expressions include ‘rewarded’, ‘elaborate’, and ‘thank you’. Negative expressions include 'lost', and there is no neutral expression.
Major issues related to Solana and Cardano
Crypto briefing, a cryptocurrency news platform, paid attention to a report by on-chain analysis company Kaiko that the news of VanEck's Solana spot ETF application had limited impact on the market.
The report noted that on June 27, immediately after news of Solana's spot ETF application was reported, the funding rate temporarily rose, but quickly fell to neutral territory. Considering that open interest (OI) remains at a low level of 20%, regulatory concerns and the small size of the derivatives market in the Solana spot ETF market appear to have influenced the skeptical response.
Blockchain media CoinGape claimed that if GSR, a cryptocurrency market specialist company, launches the Solana spot ETF in the United States, the value of Solana tokens will reach $1,300, an increase of nearly 8.9 times. GSR presents comparative data on the market reaction after the approval of the Bitcoin spot ETF and predicted that the Solana spot ETF will be able to collect 14% of the Bitcoin spot ETF's fund flow.
CoinGape reported that the fact that Donald Trump, who has announced his support for cryptocurrency, has an advantage in the current U.S. presidential election could also be good news for Solana.
Crypto.News, a blockchain news media, explained that after Cardano surpassed $0.4 in mid-June, the price of Cardano fell about 15% and continued to test the $0.4 retreat, which is currently the resistance level.
A death cross was formed in May, but the bullish momentum was successfully reversed. The current Ethereum trading price is higher than the 50-day simple moving average (SMA) and the 200-day SMA.
Solana and Cardano, what are today’s prices?
As of 4:32 p.m. on July 3, Solana's price according to CoinMarketCap is $146.67, down 0.55% from the previous day, and Cardano's price is $0.4153, up 2.05%.
