On the surface, Cardano (ADA 1.89%) seems to check all the boxes for a great crypto value play. It’s dirt cheap at just $0.25. It’s down more than 90% from its all-time high, making it a potential rebound candidate. And with a $8.8 billion market cap, it still ranks among the top 15 cryptocurrencies in the world.

Surely, Cardano is too cheap to ignore, right? The answer to that question might not be as simple as it sounds.

Cardano is fading as an Ethereum rival

One problem, quite simply, is that Cardano is no longer the primary rival to Ethereum. That distinction falls to Solana, which currently has a market cap of $50 billion, more than 5 times the value of Cardano.

Cardano has had so many chances to catch up to Ethereum, but has…