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Cardano (ADA) Massive 36% Spike Puts It on Reversal Path: Crypto Market Review, Jan. 9

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While meme assets like $SHIB and $DOGE show a modest 4% recovery, $ADA is in solid 15% price rally

Luckily, what used to be an Ethereum killer went through December's stalemate and entered the new year with solid growth. Solana is showing a 65% return from the local low reached on Jan. 2.

The most likely reason for such an unexpected recovery, however, is not fundamental. The rally we are seeing today is most likely tied to the general recovery of the market and the attractiveness of Solana to speculative traders due to the fact it has been extremely oversold lately.

While more traditional meme assets like we mentioned above are showing solid price performance, newcomers like BONK are having some serious problems. The Solana-based meme cryptocurrency is rapidly losing its value, trading with a 68% loss from the ATH. The fate of BONK remains unclear as a large percentage of the distributed supply is still in the hands of airdrop recipients.

 

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