Solana and Cardano up 21% on Sunday evening, setting monthly highs

The value of Solana and Cardano rose more than 21% on Sunday evening, according to data from CoinGecko, both entering territory neither has seen since November.

Cardano, the eighth-largest cryptocurrency by market capitalization, saw its price surge to $0.33, a price not seen since November 19. Meanwhile, Solana, which launched a remarkable run with an 11% jump in value on Monday, rose further on Sunday to $16.04, territory it has not seen since November 9, when it was halfway through a more than 50% collapse in the previous three days.

Solana had the best first week of the year of any top 20 coin, seeing a 60% seven-day increase today. It’s a remarkable rebound for SOL, which fell more than 41% following the collapse of FTX. Once called the “Ethereum killer”, Solana was once a favorite of Sam Bankman-Fried.

The founder’s fall from favor last fall dragged Solana down with it, down 94% from its all-time high of $259 set a year prior, according to CoinGecko.

Solana is a proof of stake (PoS) layer 1 blockchain network that allows developers to build decentralized financial applications (Challenge) and non-fungible tokens (NFT).

Last week’s shock came when the developers at Solana released a new shiba inu-themed BONK piece, created to rival SHIB. Although the launch party did not last long, BONK still outperformed all major cryptocurrencies during the week.

It’s hard to beat a gain of over 3,000%, although trading prices of 10,000ths of a cent helps.

The factors behind the rise in ADA this week are less clear. The latest major milestone for the blockchain was the implementation of its long-awaited Vasil fork in September. Still, there has been recent buzz around Cardano co-founder Charles Hoskinson.

Hoskinson’s company, Input Output HK, is gearing up for the imminent launch of the Lace Wallet for Cardano. And on Thursday, Hoskinson announced that his new Hoskinson Health and Wellness Clinic in Wyoming would accept ADA as payment.

In June, Hoskinson announcement the opening of Nessie’s, a restaurant and whiskey lounge where ADA would also be accepted.

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