Cardano (ADA) On-Chain Activity Surges, Price Targets $0.35
Cardano (ADA) has experienced a surge in on-chain activity, driving its price to $0.32 and bulls aiming for the $0.35 mark.
Cardano (ADA) Price Surges
The price of Cardano (ADA) skyrocketed from $0.30 to nearly $0.33 in just a few hours, representing a 5% increase in a day and a 30% rise in a week. Transaction activity on Cardano has also seen significant growth, with a 32% increase over three weeks. This indicates strong interest from large-scale holders, as ADA address activity has risen by 23% during the same period.
“#Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months.”
Analysts have made bold predictions about ADA’s price, with some predicting it could surge to $30 due to global inflation acting as a catalyst for the crypto market. Another analyst predicts a more grounded 43% price increase based on the surge in transaction volume.
Wallet And Transaction Insights
Data shows that 61% of ADA holders have held their assets for over a year, suggesting a strong long-term investor base. Large investors currently account for 29% of Cardano wallets. However, despite significant trading volume worth over $22 billion in the past week, most wallets are at a loss at current prices. There are only three whale-level wallet addresses, but inflows and outflows among large ADA investors are notable.
Potential Catalysts
The ongoing Cardano Summit and the expected approval of a spot bitcoin exchange-traded fund are viewed as potential bullish catalysts for Cardano. Positive sentiment from the summit and the approval of the ETF could drive ADA’s price higher.
Cardano (ADA) Price Analysis
Cardano (ADA) is currently trading at $0.31 and aims to break through the $0.32 level. ADA has experienced a significant rally, outperforming Bitcoin (BTC) and Ethereum (ETH) with a 10% increase in two days. The price is consolidating gains near the multi-week high of $0.3295. Although there was a minor correction, ADA remains above the 100 Simple Moving Average (4 hours) and a bullish trend line formed at $0.30 on the four-hour chart.
ADA faces resistance levels at $0.332 and $0.350, with a potential extended rally if it surpasses the latter. However, if it fails to move above $0.328, support levels at $0.310 and $0.308 could come into play, with a further decline towards $0.285 possible.
Hot Take: Cardano (ADA) Shows Promising Growth with On-Chain Activity Surge
Cardano’s recent surge in on-chain activity and price performance indicate promising growth for ADA. With increased transaction volume and strong interest from large-scale holders, ADA has gained momentum in the market. The ongoing Cardano Summit and the potential approval of a spot bitcoin exchange-traded fund could act as catalysts for further price increases.
By
By
By
By
By