Solana (SOL) & Cardano (ADA) Price Prediction For August 2024
Solana (SOL) and Cardano (ADA) price predictions for August 2024 show possible growth for both cryptocurrencies. This analysis looks at key metrics and forecasts to give insights to investors and fans.
Also Read: Solana & Dogecoin: 2024 Price Prediction Analysis
What to Expect in August 2024 for Cardano & Solana
Solana (SOL) Price Outlook
On July 24, 2024, Solana (SOL) traded at $177.27, with a market value of [placeholder]. On August 23, 2024, the price prediction suggests an increase to $197.75, a 14.27% gain.
Technical signs show a positive outlook for Solana. The Fear & Greed Index stands at 69, showing greed in the market. SOL has had 21 good days out of the last 30, with a price swing of 9.29%.
SOL Price Factors
- The 50-day SMA is $148.76, while the 200-day SMA is $139.42.
- The 14-day RSI is 61.49, suggesting neutral momentum.
- Key support levels are $169.91, $166.37, and $160.96.
- Resistance levels are at $178.86, $184.27, and $187.81.
Also Read: Solana ETF Hopes Drive Price as SOL Approaches $200
Cardano (ADA) Price Forecast
Cardano (ADA) was priced at $0.418788 on July 24, 2024. On August 23, 2024, the prediction shows a rise to $0.46748, a 12.19% increase.
Unlike Solana, Cardano’s current outlook is neutral. The Fear & Greed Index remains at 69, but ADA has seen only 15 good days out of 30, with a lower price swing of 6.93%.
ADA Price Considerations
- Cardano’s 50-day SMA is $0.410548, while the 200-day SMA is higher at $0.518967.
- The 14-day RSI for ADA is 48.29, showing a neutral position.
- Support levels are at $0.401793, $0.392522, and $0.379244.
- Resistance levels are at $0.424341, $0.437619, and $0.446889.
Comparing SOL and ADA Predictions
Solana and Cardano prices will likely go up by August 23, 2024. Solana is expected to grow more (14.27%) than Cardano (12.19%). The signs point to a better outlook for Solana than for Cardano.
What Are the Potential Reasons for Price Changes?
- Tech Progress: Solana aims to reach 100,000 transactions per second by August 2024. Cardano’s Hydra update, set for Q3 2024, could handle 1 million transactions per second.
- Growing Use: Solana hosted 2,500 active dApps as of July 2024, while Cardano reached 1,800. Each new dApp could boost demand.
- Market Mood: In 2023, when Bitcoin rose 10%, SOL gained 15% and ADA 12% on average. This trend may continue.
- Rules and Laws: The upcoming EU crypto regulations in September 2024 could affect global markets, including SOL and ADA.
- New Partnerships: Solana’s recent deal with Visa and Cardano’s collaboration with Ethiopia’s government may drive adoption.
- Competition: Ethereum’s surge update, planned for late 2024, could challenge both SOL and ADA’s market positions.
Also Read: Cardano (ADA) Price Prediction: July End 2024
Risk Factors to Consider
- Market swings and sudden price changes
- Regulatory challenges in various countries
- Competition from other blockchain platforms
- Economic factors affecting the crypto market
We can safely state that both Solana and Cardano show potential for growth in August 2024. Before investing, please make sure to do your research.