Cardano (ADA) is showing promising signs of breaking into new price levels in the near future. The on-chain data and adoption growth are strong indicators of this potential rise. The creation of new wallets on the Cardano blockchain has experienced significant spikes on several days since the beginning of February, suggesting a possible influx of new capital into Cardano. According to on-chain data, the number of new addresses on the Cardano network surged by 89% between February 22 and February, and saw a 248% increase between February 1 and February 2. These spikes in new wallets creation are positive signals for ADA’s future price performance.
The adoption rate of cryptocurrencies is closely tied to the number of new wallets being created. On-chain data reveals that the number of new wallets added to the Cardano blockchain jumped from 1,706 on February 22 to 3,227 on February 23. Similarly, there was a larger spike from 1,553 on February 1 to 5,414 on February 2. Although the daily creation of new wallets has slowed down since February 23, it has remained above 1,500 since the beginning of February. Additionally, the total number of wallets registered on the Cardano network is steadily increasing and is approaching 4.6 million addresses.
Active daily addresses on the Cardano network have surpassed 30,000 since the beginning of the year, with a recent peak of 64,568 active addresses on February 16. This growth in user activity indicates a rising interest in the Cardano ecosystem and the native ADA token. The increasing demand for ADA could potentially drive up its price. Currently, ADA is trading at $0.6211, up by 6.23% in the past 24 hours and 29.85% in the past 30 days. Despite this positive momentum, reaching the all-time high of $3.1 presents a challenging task for ADA as it must overcome various price resistances.
For ADA to revisit its all-time high, it first needs to establish strong support above $0.63. If successful, ADA may aim for a breakthrough beyond $0.66, potentially reaching $1.20. Many long-term holders who purchased ADA around this price level (529,000 addresses) might consider selling to break even. However, if adoption continues to grow and demand remains robust, ADA could surpass expectations. The path to new price levels for ADA requires overcoming hurdles, but with increasing adoption and market interest, the potential for a significant price increase remains viable.
Cardano (ADA) has shown promising signs of high adoption growth and increasing active addresses, indicating a strong interest in the project. While the price journey ahead presents challenges, the potential for ADA to break into new price levels remains a possibility. Investors and traders should carefully monitor the developments within the Cardano ecosystem to capitalize on potential price movements. As with any investment, conducting thorough research and understanding the risks involved is essential for making informed decisions.