Cryptocurrency

Solana vs Cardano: Which crypto is considered as the Best Ethereum Killer?

Solana vs Cardano: A Comparative Analysis

What is Solana?

Solana is an open-source, permissionless, and high-speed layer-1 decentralized blockchain. It aims to achieve the highest throughput compared to the other blockchains at affordable rates. The platform implements a hybrid consensus model that combines both the versions of Proof-of-stake(Pos) and Proof-of-history(PoH). Due to this, the platform is able to generate over 710K transactions per second(TPS) with minimal scaling solutions. 

The core component of Solana is its POH which provides a digital record of confirming the occurrence of an event on the network at a given time. It relies on PoS’s Byzantine fault tolerance(BFT) algorithm to reach a consensus. It also uses a 256-bit secure hash algorithm (SHA-256) to provide real-time data. 

Latest News on Solana Blockchain

  • The collapse of the FTX exchange has impacted Solana to its highest as it has millions of funds stuck with the exchange. Therefore, the chain published the state of the network post-collapse.

Read more: Solana Whitepaper Summary

What is Cardano?

Cardano is an open-sourced, decentralized network that aims to empower the DeFi & smart contract space. The network is backed by 3 entities namely, the Cardano Foundation, Input-Output (IOHK), and EMURGO. Build on a Proof-of-stake consensus mechanism, Cardano is considered a 3rd generation blockchain after Bitcoin & Ethereum

The blockchain consists of 2 layers, a settlement layer(CSL)- to manage the movement of assets between the sender & receiver and a Cardano Computation Layer(CCL) which helps the platform to replicate the Bitcoin ecosystem’s smart contract platform. 

The platform underwent a Shelley upgrade in 2020 and further underwent Alonzo hard fork in September 2021. The most recent upgrade is the Vasil hard fork introduced several upgrades to the network’s programming language Plutus. 

Latest News on Cardano Blockchain

  • The Cardano blockchain achieved a new milestone by reaching 7 million native tokens across more than 65.5K minting policies

Read more: Cardano Whitepaper Summary

Solana vs Cardano: Comparative Analysis

Crypto Name Solana Cardano
Launch Date March 2020 27 September 2017
Founder Anatoly Yakovenko  Charles Hoskinson
Blockchain Protocol Solana blockchain Cardano blockchain
Native Token   SOL ADA
Market Cap $5.11 billion $10.78 billion
Token Type Native Native
Circulating Supply 363.03 billion 34.43 billion
Max Supply 534.63 million 45 billion
Consensus Method PoH & PoS PoS Ouroborous Protocol

Additional Read: Ethereum vs Solana vs Polygon

Technical Analysis: Solana Price vs Cardano Price

Source: Tradingview

  • Cardano & Solana price had been training besides each other until the beginning of the monthly trade
  • Soon after the FTX collapse, SOL price was badly impacted due to which the price dropped heavily and currently trading within the same range
  • SOL/USDT price slightly raised from -6.49% to +25.24% and dropped massively to reach -62.88% and presently trading at -52.96%
  • Meanwhile, ADA/USDT price also began the monthly trade on a bullish note and surged beyond +20%, but the bearish market sentiments dragged the price to as low as -12.93% at the moment
  • Both the tokens have been plateaued from more than a wee suggesting a larger price action in the coming days, regardless of the direction

Solana Price Prediction 2022

During H1 2022, the price of Solana was trading within notable ranges; however, the price drop caused by the collapse of the Terra ecosystem caused a massive fallout. Furthermore, the recent collapse of the FTX exchange had a significant impact on the SOL price. The price fell more than 60% in a week and is currently consolidating within a narrow range. 

As the yearly trade approaches, the chances of a steep downtrend appear to be high as the bears maintain their dominance. The SOL price could fall into the single digits in the coming days, setting new lows before the end of 2022. However, the subsequent rebound may not have the desired impact because the bulls may remain passive for an extended period of time. As a result, the Solana price may remain stable below $15 until the end of the year. 

Read more on: Solana Price Prediction

Cardano Price Prediction 2022

Since the beginning of the year 2022, the Cardano price has been trading in a deep descending trend. Until the market crashed in May, the price was comfortably above $1. Furthermore, the network’s growth was hampered by the ripple effect of fallouts. As a result, the price remained within a descending consolidation and is expected to end the year on a bearish note. 

Since failing to hold $0.5, the token has been stuck in a steep downtrend. Meanwhile, the volume has decreased significantly, reducing buying pressure. The ADA price is currently testing a critical range and is expected to make new lows in the coming days. As a result, by the end of 2022, the Cardano price is expected to be around $0.42, having formed lows around $0.28. 

Pros & Cons 

Pros

Solana Pros Cardano Pros
Fast transactions & low fees Peer-viewed, 3rd generation technology 
Swelling NFTs & Smart contract platform Highly scalable and interoperable
Solana has low environmental impact It is environmental friendly
Staking solana may earn rewards It is a substance over hype

Cons

Solana Cons Cardano Cons
Network highly instable Ambitious scope of work
Very limited projects available on Solana  It is not memeable
No fixed supply hence highly inflationary No-first mover advantage
Less decentralized network Huge Competition

Should You Buy Cardano or Solana?

Cardano blockchain carries a huge scope of work as the roadmap consists of a series of upgrades and developments to the network in the coming days. Meanwhile, the Solana network experienced numerous outrages in 2022 which has hampered the growth of the platform to a large extent. However, both blockchains hold a significant share in dominance within the smart contract & NFT space. 

In the coming days, ADA price may experience a decent upswing soon after the market sentiments flip a little. Meanwhile, the recent developments within the crypto space have hampered the SOL price to a large extent. Therefore, before buying Cardano or Solana, a thorough study and close observation of the market movements with extensive research is highly imperative. 

Read more: Why is Aptos considered as Solana Killer?

Is Solana a good investment or Cardano?

Cardano and Solana, both appear to have huge potential with a decent growth rate once the bearish clouds fade over the crypto space. While ADA is backed by a huge community, SOL price is feared to loose its grip over the market soon. Hence, before investing in ADA or SOL, it is important to study the future prospects of both tokens in detail. 

How to Invest in Solana and Cardano?

Buying Solana and Cardano is extremely simple & safe on CoinDCX app. To register with CoinDCX all you need to do is download the CoinDCX App on your smartphone. Later enter all your details and complete with KYC. Once your profile is validated, fund your wallet and buy SOL or ADA or both.

Additional Read:

Cardano vs Polkadot

Cardano vs Algorand

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