Cardano (ADA) Experiences Surge
Cardano’s native token has seen a surge in value, similar to many other cryptocurrencies, as investors in the broader market become more optimistic. With a gain of over 55% in a month, ADA briefly reached $0.40 this week, resembling its price level from April.
This positive momentum could help ADA break through significant resistance soon. New data suggests that the ongoing consolidation phase is similar to a period from the recent past.
Cardano (ADA) Poised For More Growth?
A tweet by prominent crypto analyst Ali Martinez indicates that the current consolidation pattern in Cardano closely mirrors a period from 2018 to 2020. If this continues, ADA might surpass the $0.45 resistance around the first week of December and reach $0.75 by the end of December.
According to IntoTheBlock, around 38% of ADA holders were profitable on November 11, decreasing to around 34% two days later. This suggests that the recent surge in ADA’s value may have contributed to another increase in this percentage.
Martinez predicts that ADA has the potential to reach approximately $10 by next summer. Whale entities were found to be extremely active, spiking to 6-month high levels on the Cardano network, according to a recent analysis by Santiment.
On-Chain Metrics
Cardano’s on-chain metrics also look bullish for the network. ITB’s data revealed that the total number of addresses with a balance on Cardano is near its all-time high of 4.46 million. A minor uptick was also noted in the active addresses count.
The number of transactions on the network remained fairly above 50k throughout the past month, while the transaction volume remained above $7 billion for most of that time. The protocol’s TVL has reached $259.1 million, a level not seen since April 2022, representing an almost 400% increase year-to-date.
Hot Take: Cardano (ADA) Shows Promise
Cardano’s recent surge and positive momentum indicate potential for further growth in both price and network activity. Analysts predict that it could surpass resistance levels and reach new highs in value, making it an asset worth keeping an eye on as we move forward into next year.
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