Cardano’s New Partnership Could Bolster Rising Network Activity
Cardano recently announced a partnership with the Institute of Blockchain Singapore (IBS), which could have a positive impact on the network’s activity. The partnership aims to drive education about Cardano and expand the adoption of products and services on the blockchain network. On-chain data reveals that Cardano has been experiencing high levels of network activity over the past week, with at least 30,000 unique addresses participating daily since October 23. This increase in active addresses is a bullish indicator, suggesting growing demand for blockchain projects and the native coin.
Whales Have Acquired 80 Million Coins in 9 Days
The trading activity of whales, defined as addresses holding 1 million to 100 million ADA, is another significant factor that could push Cardano’s price above $0.30. According to Santiment, whales have acquired 80 million coins between October 23 and October 31. This indicates their confidence in further price increases. If this trend continues, it could lead to a breakout above $0.30 in the near future.
ADA Price Prediction: $0.35 on the Horizon
Based on the bullish indicators analyzed above, it is likely that Cardano’s price will reclaim the $0.30 territory soon. The Global In/Out of the Money data confirms this prediction, showing two significant clusters of support and resistance. The initial resistance is expected from addresses that bought ADA at $0.30, but if buying momentum persists, a breakout towards $0.35 is possible. However, if the price dips below $0.25, bears may negate this prediction, but strong support around $0.27 could prevent a major reversal.
Hot Take: Partnership and Whale Activity Could Drive Cardano (ADA) Price Above $0.30
Cardano’s recent partnership with the Institute of Blockchain Singapore and the increased activity from whales acquiring ADA coins have the potential to drive the price of Cardano above the $0.30 resistance level. The partnership aims to expand adoption and educate users about Cardano, which could attract more participants to the network. Additionally, the confidence shown by whales through their buying activity suggests they expect further price increases. If these trends continue, it is likely that Cardano will experience a breakout and reach a price target of $0.35 in the near future.
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