Crypto Market Update: Solana Slumps, Cardano Surges, Bitcoin Holds

Solana's price has been losing momentum and remains below its key moving average at $75.68. Despite steady inflows into SOL-focused Exchange Traded Funds (ETFs), totaling $14.62 million in July, the technical outlook for Solana is mildly bearish. The retail support for Solana has waned with the funding rate turning negative.

On the other hand, Cardano's price has seen a significant rally of over 14% last week and broken above an ascending trendline. Whale accumulation and strengthening derivatives metrics have contributed to this positive outlook for ADA. While some indicators suggest further upside for ADA, its price currently stands at around $0.187.

Bitcoin, on the other hand, is trading bearishly as it holds below key moving averages. The Relative Strength Index (RSI) of 46 leans slightly bearish and the Moving Average Convergence Divergence (MACD) stays below zero with a negative reading, hinting at persistent downside pressure.