Cardano (ADA) has seen a remarkable increase of 20.29% in its price over the past seven days, aligning with the current positive trend in the cryptocurrency market. This surge in price has also been accompanied by a significant spike in trading volume since hitting a low of $0.335 on July 8. Surpassing many other cryptocurrencies in terms of market cap, ADA’s performance has been impressive.
The primary reason behind ADA’s price surge seems to be the large on-chain transactions that have taken place in the past week. This surge indicates a positive sentiment in the market, with the bulls currently in control. The recent uptick in price coincided with the announcement of crucial updates to the upcoming Chang hard fork, a significant milestone for the Cardano blockchain. These developments, as noted by Cardano founder Charles Hoskinson, have been instrumental in driving a more optimistic outlook for ADA.
An interesting observation from on-chain data reveals an increase in whale activity on the Cardano blockchain, contributing to the sustained price increase. The number of daily transactions exceeding $100,000 has surged by 160% over the past week, indicating growing interest from large holders. Additionally, data on “Large Holders Netflow” shows a significant 27.53% increase in holdings by these whales. This accumulation by large holders has significantly impacted the bullish sentiment surrounding ADA, leading to its upward price movement.
In the coming week, Cardano (ADA) is expected to maintain its bullish momentum, especially as the overall crypto market shows signs of positivity. Breaking above the minor resistance level at $0.43 could further propel ADA’s price upwards. However, failing to surpass this resistance may lead to a bearish scenario, with ADA potentially retracing its gains. The weekend’s price movement will be crucial in determining ADA’s performance in the following week, with the possibility of testing another resistance level at $0.515.
Overall, Cardano’s recent price surge and market performance indicate a promising trajectory for the cryptocurrency. With ongoing developments and increased whale activity, ADA’s bullish momentum may continue in the near future. Investors and traders keen on ADA’s price movements should closely monitor key resistance levels and market sentiment to navigate potential opportunities in the volatile cryptocurrency market.
Leave a Reply