Our crypto price analysis for December 4 focuses on Cardano (ADA) and Solana (SOL). The bullish momentum across the global crypto market continues today as most coins continue to record massive gains.
However, not all tokens are currently enjoying the rally. The new week starts with an impressive Bitcoin rally to a new yearly high of $42,000. Ethereum, the second-largest cryptocurrency by market cap saw its value rise above $2,200 representing a 3% increase in the last 24 hours.
Other cryptocurrencies like Shiba Inu not only witnessed an increase in value, it also saw a spike in trading volume up to 352% in the last 24 hours.
Investors are keenly watching to see which assets will maintain the growth and continue to rise this week. Let us dive right in.
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Cardano (ADA) price analysis
According to data from Coinstats, the price of Cardano has grown by 2.91% in the last 24 hours. Looking at the daily chart, the price of the token has made a false breakout of the resistance zone of $0.4095.
Source: TradingView
If the bar closes the day from the mark, sellers may seize the opportunity which can consequently lead to a further drop to the $0.39 level. At press time, Cardano is trading at $0.4007.
Furthermore, Cardano has a 24-hour trading volume of $405,869,429 ($405.8 million). Finally, ADA is ranked #8 on the global crypto market chart with a live market cap of $14,022,247,799 ($14 billion).
Solana (SOL) analysis
Solana is one of the cryptocurrencies that are currently shedding its value amidst the bullish momentum. Over the last 24 hours, SOL has dropped by 2.92% according to Coinstats data.
Looking at the chart, the price of Solana has failed to stay above the $65 zone. Until the price beats this level, the bears (sellers) remain more powerful than the bulls (buyers) and others is a possibility to see a further drop below $60.
Source: TradingView
According to live data, Solana (SOL) is currently changing hands at $60.84. What is more, Solana has a 24-hour trading volume of $2,240,777,503 ($2.2 billion) with a live market cap of $25,833,252,681 ($25.8 billion).
Read more:
- Shiba Inu Trading Volume Increases by 352%, What Could be the Reason?
- Dogecoin (DOGE) Price Analysis 12/1
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.