DAC Choices - $5,000 to $7,000


What are the current top DAC choices in the approximately $5-$7K price range (new or used) that I should look at as possible upgrades to my current Metrum Adagio?  Having an on-board volume control is not a factor as I can operate my system either way.   If I wanted to spend more I would look at Totaldac, Rockna Wavedream Signature, or one of the other top-end contenders, but I selected the price range to achieve a sound quality that is consistent with the rest of my system and because I don't want to spend more due to the still evolving nature of digital technology.  I do like the more natural sound (to my ears) of NOS R2R DACs.  So far, I have considered the three below, but none seem to be a slam-dunk upgrade from the Adagio, which still sounds pretty good in my system.  The decision is complicated by having to "buy to try" so that I can hear one in my system.  Maybe now is not the time for an upgrade.  Any thoughts?

  • Denafrips Terminator w/DSP board - Reportedly has the full body/dense tone type of sound I like, but also has a high'ish output impedance 
  • Holo May KTE - Reportedly measures great for an R2R DAC and has strong reviews 
  • Rockna Wavelight - Some reviewers like it but others put it in the middle of the pack for the price
mitch2
Loving my Holo Audio May DAC - makes digital sound analog (in the best way possible).
@pgalvin - Glad to hear you like the May.  Can you share which level it is - i.e,. KTE or one of the other levels?  How does it do with dynamics? 
I was lucky to find a used Mystique, which will be here tomorrow so I am looking forward to hearing that one.  However, the May KTE is still on my list.
Hi https://forum.audiogon.com/users/mitch2.  Sure. I have the KTE edition. I upgraded from the Spring Level 3 (and actually kept that one, put it into my HT system for when I listen to 2 channel there).
I find the May to be detailed, revealing, dynamic as you’d want for accurate reproduction, but with an analog-ish beauty to it. Non-fatiguing, just a constant joy to listen to.
I really find it to be the best of both worlds - an analog sound (but without the rolloffs) from digital media. I got back into vinyl a couple of years ago, and now kinda regret it as I can get that sound from crappy low-res tracks, CD rips, and high res tracks (better as more bits are available of course) but it all sounds great.
I have my 2 channel (with the May) in my home office, and have it on when working when possible etc. But my attention is very frequently drawn to the sound system as realistic sounds emanate from it - "oh, I guess I have Miles Davis in my home office with me now".

Hope that helps.
Maybe you don't have to spend as much as you think. Here's a review form over at Audiophile Style (formerly Computer Audiophile) that's done by a recording engineer who used his own recordings for evaluation:
https://audiophilestyle.com/ca/reviews/review-denafrips-pontus-dac-r966/

All the best,
Nonoise