In the cryptocurrency market, the race to surpass established price marks is intense, with several cryptocurrencies fighting to capture investors' attention.
Cardano has stood out, not for price explosions, but for promising signs of adoption and engagement on the network. Although the price of ADA has not yet touched the US$0,81 mark this year, the platform has generated anticipation with developments and activity on the network that suggest a promising future.
Recently, data revealed that Cardano is seeing unprecedented growth in terms of active addresses. According to information released, the monthly count of these addresses reached a peak that had not been seen a year ago, reaching 596.915 addresses active in the last 30 days, as recorded on March 11. This number is significantly higher than that observed in September 2023, which had 279.000 addresses, marking the lowest rate of the year.
This increase not only highlights growing adoption of the Cardano network, it also signals renewed enthusiasm among users and investors. Analysis of the data suggests a positive trend reversal, with monthly active addresses spiking in late February after a decline at the start of the year. This engagement is corroborated by Cardano Blockchain Insights, which pointed to a stabilization of daily active addresses above 50.000 since the end of February, with a peak of 66.970 in the last 24 hours.
🚀Cardano hits one-year peak with almost 600K active wallets in the last 30 days, twice the lowest number within this timeframe.
💡 How high do you think it can climb from here?https://t.co/JUAmB8i61s
–Danogo – Keep Going– 🚀 pic.twitter.com/AjO1clEObg— Danogo (@danogo_2023) March 13, 2024
Additionally, interest from Cardano “whales” has also seen an increase, with IntoTheBlock recording growth in large transactions. This segment of the market, which includes transactions over $100.000, has seen a considerable increase, totaling 6.810 transactions in the last 24 hours and a volume of $73,86 billion in the last week. In comparison, large transactions on Ethereum totaled US$63,17 billion in the same period.
Accumulation of ADA by whales has also grown, with an increase of around 60 million ADA on March 10, highlighting continued confidence in the currency from large investors.
Can ADA value above $1?
earlier today, the cardano price started a rally above the $0,80 level. ADA tried to gain strength above the $0,81 resistance that represented an increase of 10%. However, the bears were active and the price fell close to $0,71. At the time of publication, the price of ADA was attempting a recovery being quoted at US$0,75 with a drop of 0,4% in the last 24 hours.
On the upside, immediate resistance is near the $0,8450 level at the uptrend line. The next major resistance is near $1,020, above which the price could begin a steady rise.
On the downside, initial support is near the $0,72 level. A close below the $US0,70 level could start a stronger decline.
