Solana to Cardano Price Correlations
Does Solana depend on Cardano? Based on the correlation analysis, SOL and ADA have a strong positive relationship. The correlation coefficient of their values is 0.7908, which was estimated based on the last 3 months' price dynamics of both coins.
|Period||24h ago||1m ago||3m ago||6m ago||12m ago|
|95% Confidence interval|
This coefficient may range from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient indicates that the prices of the cryptocurrencies are moving in the contrary direction while the positive coefficient tells that the prices are moving in the identical direction. For instance, if = $currency1->name ?> and = $currency2->name ?> connection is positively strong, it means that when = $currency1->id ?> is rising = $currency2->id ?> will rise as well. The negative strong relation will show that when BTC is rising = $currency2->id ?> price will be in opposite decreasing.
The Confidence interval represents the interval in which the true correlation coefficient will be located with 95% probability. If the confidence interval includes the value of zero, the correlation can be regarded as non-significant (not different from 0).