ADA Shows Resilience as SOL Falls Sharply in Q1 2025
Key Takeaways
- Cardano (ADA) and Solana (SOL) experienced significant price losses in the first quarter of 2025.
- ADA proved more resilient with a 22% drop compared to SOL’s 34% decline.
- Both networks are seeing decreased user activity and declining DeFi metrics.
- Solana is struggling with structural weaknesses, which could benefit Cardano.
- In Q2, ADA may maintain its relative strength – not due to its own momentum, but because of SOL’s ongoing issues.
Q1 Recap: Who Performed Better?
In the first quarter of 2025, both Cardano and Solana suffered notable declines in price and network activity. ADA lost around 22% of its value, while SOL came under more pressure with a 34% drop. At first glance, Cardano appears more robust. However, a closer look reveals that ADA’s better performance is more a result of Solana’s weaknesses than Cardano’s own strength.
Network Activity Comparison
Both blockchains are experiencing a decline in usage:
- Solana’s daily active addresses dropped by 50% – from over 8 million to around 4 million.
- Cardano’s active addresses fell from an average of 50,000 to 23,500.
There are also significant declines in the DeFi (decentralized finance) sector:
- Solana’s Total Value Locked (TVL) dropped from USD 14 billion to USD 8.27 billion.
- Cardano’s TVL fell by 54% to just USD 408 million.
Market Structure: Where Does ADA Stand Compared to SOL?
Despite weak fundamentals, ADA appears more stable than SOL in direct comparison. While Solana continues to struggle with structural issues, Cardano seems less vulnerable to sharp price drops. The SOL/BTC pair is near a two-year low – a sign of waning investor confidence and capital inflows.
Additionally, Solana’s SOPR (Spent Output Profit Ratio) is below 1. This means investors are selling at a loss. This ongoing capitulation makes it difficult for SOL to reclaim important resistance levels.
Outlook for Q2: Can ADA Maintain the Lead?
With a market capitalization of around USD 21 billion, Cardano still lags significantly behind Solana (USD 62 billion). SOL also leads in user numbers, trading volume on decentralized exchanges (DEX), and DeFi activity.
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However, Solana’s continued weakness – particularly against Bitcoin – could play into ADA’s hands. The ADA/BTC pair is showing signs of accumulation, suggesting potential capital inflows.
Unless liquidity conditions improve in Solana’s favour, ADA may be able to leverage its relative strength to gain ground in the second quarter.
Our Assessment
Both Cardano and Solana are under pressure. But while ADA has managed to limit its losses, SOL is grappling with structural issues reflected in weak network activity, declining capital, and negative investor sentiment.
For investors, this means Cardano could outperform in Q2 – not because it is fundamentally stronger, but because Solana is currently facing more selling pressure. Those looking to invest in this market should closely monitor developments in capital flows, network data, and market structure.
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