Cardano (ADA) Surges: Bulls Gain Momentum Amid Network Uptrend; Analysts Eye $0.85

Cardano’s (ADA) recent rally has caught the attention of investors and analysts alike as its price increased by 35% for the week and almost 55% over the past month, demonstrating resilience and growth prospects.

In a March 3rd X post, a crypto analyst noted that ADA had yet to close a daily candle above $0.75, which was considered crucial. However, bullish strength was visible as it was expected to overcome this resistance level, according to analysts.

The breakthrough finally occurred as Cardano successfully breached the $0.75 resistance, reaching a high of $0.7952. Analysts now point to a potential bullish pennant formation on the four-hour ADA chart with an estimated target price of around $0.85.

At the time of writing, ADA’s price experienced a slight pullback, currently standing at $0.774259. Despite this, the cryptocurrency maintains a 24-hour trading volume of $2.17 billion and a market capitalization of $26.19 billion, marking a 6.72% price increase over the last 24 hours.

Cardano (ADA) Surge in Network Activity 

The number of active wallets is one major metric reflecting Cardano’s network health and growth; these are addresses that are involved in on-chain transactions. Large transactions over $100,000 have lately been cited by analysts such as Ali Martinez as indicating increased network activity and investor confidence.

According to Ali, Cardano has experienced a strong uptrend witnessed through an increase in its daily active ADA addresses, transaction volume as well as whale transactions. This suggests that there is more happening within the network and hence more interest from investors calling for future growth prospects.

Data from IntoTheBlock shows a link between ADA’s price rally and an increase in daily active addresses since the beginning of the year. Furthermore, February development highlights by Input Output Global (IOG) indicate significant rise in total transactions to 85.8 million with additional 3.1 million made within the last month alone.

Discover how many projects launched on Cardano in February, and the growth of token policies, native tokens, scripts, and transactions.

*Statistics are based on IOG internal data and #Cardano data on BigQuery.
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— Input Output (@InputOutputHK) March 1, 2024

This trend underscores the growing presence of institutional players and high-net-worth investors within the Cardano ecosystem. As Cardano continues to demonstrate strength both in price performance and network activity, analysts remain optimistic about its future trajectory, foreseeing sustained growth and broader adoption in the cryptocurrency market.