Cardano (ADA) enthusiasts are eagerly eyeing the $1 mark as the cryptocurrency shows promising growth. Despite lagging in price compared to its peers, recent data reveals a surge in whale transactions and active addresses on the Cardano network, suggesting a bullish trend for the altcoin.
Cardano hits one-year peak with almost 600K active wallets in the last 30 days, twice the lowest number within this timeframe.
How high do you think it can climb from here?https://t.co/JUAmB8i61s
–Danogo – Keep Going–— Danogo (@danogo_2023) March 13, 2024
Cardano Network Activity Rising
Recent data indicates a significant uptick in whale transactions on the Cardano network, with 6,810 transactions over $100,000 recorded in the last 24 hours. This surge in whale activity highlights growing interest from large investors in ADA, which could signal confidence in the cryptocurrency’s prospects.
Another positive indicator for Cardano is its network’s increasing number of active addresses. Data from Danogo shows that the monthly active address count reached its highest level since May 2023, with 596,915 active addresses recorded on March 11. This figure is nearly double the count recorded in September 2023, indicating a substantial uptick in user activity on the network.
ADA Price Movement and Resistance at $0.7
Despite these positive network activities, ADA has yet to surpass the $0.8 mark, facing resistance at this level. The cryptocurrency’s price has almost tripled from its low of $0.24 in September, currently trading at $0.63. If ADA can break through the $0.8 resistance level, it could pave the way for a rally towards $1, a price point not seen since April 2022.
The overall cryptocurrency market is showing an upward trend, with many digital assets surpassing their previous all-time highs. This optimistic market sentiment could provide the necessary momentum for ADA to push past $1 in the near future.
Cardano’s Growing Ecosystem
Cardano’s DeFi platforms have experienced significant growth, with the Total Value Locked (TVL) increasing substantially. Since the beginning of 2023, the TVL has surged from approximately $60 million to surpass $487 million as of March 14.
The surge in TVL on Cardano’s DeFi platforms isn’t solely due to asset price increases. The number of ADA locked in DeFi protocols has also grown significantly, from 200 million ADA at the start of the year to over 650 million.
Indigo’s collateralized debt protocol stands out in Cardano’s DeFi ecosystem, boasting over $120 million in TVL. Minswap, a decentralized exchange, follows closely with $100 million, while lending protocol Liqwid holds $63 million. Minswap has also led in active wallet addresses over the past month, with 30,677 addresses.
As Cardano continues to attract attention from investors and cryptocurrency enthusiasts, its recent surge in whale transactions and active addresses bodes well for its future price trajectory. If ADA can overcome the $0.8 resistance level, it could signal the beginning of a bullish run towards $1, marking a significant milestone for the cryptocurrency.
