Cardano’s ADA Experiences Surge and is Poised for More Growth
Cardano’s native token, ADA, has been on the rise, following the positive momentum in the broader cryptocurrency market. With a monthly gain exceeding 55%, ADA reached a price level of $0.40 this week, reminiscent of April’s value. This upsurge has the potential to propel ADA past a significant resistance level in the near future, according to new data. The current consolidation phase closely resembles an interesting period from the recent past.
H2: Cardano (ADA) Poised For More Growth?
In a recent tweet by prominent crypto analyst Ali Martinez, the current consolidation pattern in Cardano was compared to the period from 2018 to 2020, excluding the COVID-19 market crash. Martinez suggested that there’s a possibility for ADA to surpass the $0.45 resistance around the initial week of December. If the upward momentum continues, ADA could potentially reach $0.75 by the end of December. IntoTheBlock reported that nearly 38% of ADA holders were in a profitable position on November 11, and this figure decreased to around 34% two days later.
Martinez believes that ADA is poised for further appreciation in the coming months, with a potential reach of approximately $10 by next summer. Additionally, whale entities were found to be extremely active on the Cardano network, spiking to 6-month high levels, according to a recent analysis by Santiment.
H2: On-Chain Metrics
Cardano’s on-chain metrics add to the bullish outlook for the network. ITB’s data revealed that the total number of addresses with a balance on Cardano is approaching 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 the most part. The protocol’s TVL has reached $259.1 million, a level not seen since April 2022, marking an almost 400% increase in terms of YTD.
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