The recent price activity across the Cardano (ADA) network has been bullish despite market-wide retractions. As the crypto whales have increased their activity, there have also been rising levels of transaction volume in dollars which suggests an increase in demand for the services provided by this Layer-1 Blockchain platform. According to on-chain data, USD-denominated transactions completed on Cardano have consistently stayed above $2 billion since April 10.

A further bullish signal comes from the statistic known as 'Large Transactions' which sums the number of transactions greater than $100,000. It has increased by 33% over the past seven days, signifying an uptick of whale trading activity. Consequently, investors can expect more price opportunities if these demand-driving metrics stay elevated.

Unfortunately, the bears could take control of the market if Cardano slips beneath the $0.37 support. However, the strong cluster of 301,000 addresses that holds 6 billion coins at an average price of $0.37 could act as a cushion and prevent this from occurring. But if prices plunge even further, holders can prepare for a further demise in the price down to $0.31.

Overall, Cardano is on an upward trajectory in terms of demand and investor confidence. Although the price has corrected over the past week, whales and heightened transaction levels suggest that conditions are ripe for a bullish resurgence. In the coming days, we can expect further price movements as Cardano finds its position in the coming altcoin season.



Other News from Today