Cardano’s native token experienced an upsurge, alongside various alternative cryptocurrencies, fueled by growing optimism among investors in the broader market. With a remarkable monthly gain exceeding 55%, ADA reached a price level reminiscent of April, briefly touching $0.40 this week.
This positive momentum has the potential to boost ADA to surpass a significant resistance level in the near future. New data also indicates that the ongoing consolidation phase closely resembles an interesting period from the recent past.
Cardano (ADA) Poised For More Growth?
According to the latest tweet by prominent crypto analyst Ali Martinez, the current consolidation pattern in Cardano “eerily mirrors” the period from 2018 to 2020, excluding the COVID-19 market crash. In such a case, there’s a possibility that ADA might surpass the $0.45 resistance around the initial week of December.
If the upward momentum continues, there’s potential for ADA to reach $0.75 by the end of December, the analyst predicted.
According to IntoTheBlock, nearly 38% of ADA holders were in a profitable position on November 11, and this figure decreased 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.
Investors have reaped rewards from the uptrend, but Martinez believes that the crypto-asset is poised for further appreciation in the coming months. According to his earlier prediction, ADA has the potential to reach approximately $10 by the next summer.
Moreover, 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 spell bullish for the network. ITB’s data revealed that the total number of addresses with a balance on Cardano is hovering 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 the most part.
Zooming out, the protocol’s TVL has reached $259.1 million, a level not seen since April 2022, which represented an almost 400% increase in terms of YTD.
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Credit: Source link
