Cardano, while not reaching the $0.8 price level this year, has shown promising signs of progress. The blockchain has experienced significant developments, although its price movement has lagged behind other cryptocurrencies. Despite this, there is hope for investors as on-chain data indicates a surge in active addresses on the Cardano network. The monthly active address count has recently reached its highest point in the past year, signaling growing network adoption and potential future growth.
According to data from Danogo, Cardano recorded 596,915 active addresses in the past 30 days on March 11, marking a drastic increase from previous months. This surge is significant as it nearly doubles the 279,000 active addresses reported in September 2023, which was the lowest monthly count in the past year. Active addresses serve as a vital metric for measuring the adoption rate of cryptocurrencies, and the recent uptick in Cardano’s activity is a positive indicator for the network.
Increased Transaction Activity
In addition to the rise in active addresses, other metrics also highlight Cardano’s growing activity levels. Data from Cardano Blockchain Insights shows consistent daily active addresses surpassing 50,000 since February 29, with 66,970 addresses in the past 24 hours alone. Furthermore, metrics from IntoTheBlock reveal heightened activity from Cardano whales, with a notable increase in large transactions exceeding $100,000. The number of whale transactions reached 6,810 in the past 24 hours, totaling $73.86 billion over the past week, surpassing Ethereum’s large transaction volume in the same period.
The accumulation of ADA by whales is also evident in the top 1% of supply, with a spike of around 60 million ADA on March 10. This significant accumulation by large holders reflects a growing interest in Cardano and demonstrates confidence in the network’s potential for future growth. Despite the price of ADA more than tripling from its low in September, currently trading at $0.79, the cryptocurrency is poised to retest the $0.8 level in the near future.
Potential Price Movement
Although ADA has faced rejections at $0.8 twice this month, there is optimism that it may break through this resistance level soon. If the bulls succeed in pushing ADA above $0.8, it could pave the way for the cryptocurrency to reach $1 for the first time since April 2022. The overall sentiment in the cryptocurrency market remains bullish, which could provide the necessary momentum for ADA to surpass the $1 mark in the coming month.
Cardano’s recent activity metrics and price movements indicate a promising outlook for the cryptocurrency. With increasing adoption, growing transaction levels, and significant accumulation by whales, Cardano has the potential to make significant strides in the near future. While there are no guarantees in the world of investing, the positive indicators for Cardano suggest that it may be a cryptocurrency worth keeping an eye on.