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11/03/2023

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Cardano on-chain activity signals bullish ADA price action - ELEVENEWS

Although the majority of assets in the cryptocurrency market have started to consolidate their gains, Cardano (ADA) has continued to trade in the green, and its on-chain activity suggests that more increases...

Cardano on-chain activity signals bullish ADA price action - ELEVENEWS

Although the majority of assets in the cryptocurrency market have started to consolidate their gains, Cardano (ADA) has continued to trade in the green, and its on-chain activity suggests that more increases could await the eighth-largest cryptocurrency by market capitalization.

Specifically, Cardano has witnessed strong ADA address activity that has risen by 23% in the last three weeks, while whale transactions increased 32% during the same period, according to the data shared by the crypto and blockchain analytics platform Santimenton November 2.

At the same time, the Santiment team noted that this strong uptick in the on-chain activity of Cardano had hinted at the bullish action seen on November 2, when ADA’s market cap soared 9% in the previous 24 hours, and as much as 36% in the two weeks leading up to Thursday.

Cardano price analysis

Meanwhile, this crypto asset was at press time changing hands at the price of $0.3176, up 2.37% in the last 24 hours, adding up to the 11.28% gain across the previous seven days, as well as advancing 23.5% in the past month, according to the most recent charts on November 3.

It is also worth noting that the activity of dormant Cardano holders has recently recorded a massive increase, making October 30 the largest day for old ADA tokens moved in a year and a half, while its largest holders, a.k.a. ‘whales’ and ‘sharks’ with between 100,000 and 10 million ADA started to accumulate again.

On top of that, the Cardano development team has continued to work on growing its network, publishing a new research paper on its scaling solution Mithril, as well as adding the non-custodial wallet platform Nami to its product family, over which it has received some criticism addressed by Cardano founder Charles Hoskinson.

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