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
Audio Note DAC3.1x is available balanced. R2R NOS, tube rectification and output stage. DAC2.1x Signature is SE, but there is a new 2.1x balanced.
AN components are known for their realistic sonics.

There's an M3 up on USAM if you're leaning that direction. I thought about it, but ended up ordering the Holo May (but don't have it yet).
PS Audio DirectStream was declared equal to the Dave. Both slightly different.
I don't have experience with some of the other DACs recommended, but I'm happy with my Denafrips Terminator. I look for detail, deep and wide soundstage, smooth and natural vocals (particularly female), and some meat on the bones in the low frequencies. The Termy does a great job for me. I think if I upgrade, it will be to the Terminator+ with the Denafrips Gaia.