Important Cardano Metric Rises 60% in a Month: Is ADA on the Verge of a Rally?
TL;DR Cardano’s NFT sales volume and other financial metrics have shown notable growth recently. ADA, Cardano’s token, has seen a price decline over the past month. Despite this, some analysts predict a...
TL;DR
- Cardano’s NFT sales volume and other financial metrics have shown notable growth recently.
- ADA, Cardano’s token, has seen a price decline over the past month.
- Despite this, some analysts predict a potential price increase for ADA.
Cardano’s Progress in This Field
According to CryptoSlam data, the NFT sales volume on Cardano has climbed to almost $9 million, registering a 60% increase.
Ethereum continues to lead with approximately $327 million in volume, but the figure actually represents a 25% decline on a monthly basis.
Total value locked (TVL) on Cardano and on-chain trading volume have also been well above the number observed at the beginning of December. The former currently stands at over $330 million, whereas the latter points out to $6.5 million.
ADA Price Impacted?
Despite the aforementioned, the price of ADA (Cardano’s native token) has been on a downward trend. It has plunged by over 18% in the past 30 days, erasing some of the gains registered throughout 2023.
However, some analysts remain optimistic that ADA could experience a bull run in the near future. The X (Twitter) user Lucid recently praised Cardano’s technology, community, and blockchain and set a price tag of $10. The host of the educational YouTube channel Coin Bureau also laid out a bullish forecast, envisioning ADA spiking to $1.
“Its weekly chart suggests it could be in the process of painting a bull flag. If that plays out, then ADA could rally to as high as a dollar, given that’s the next significant zone of resistance.”
Those willing to observe additional price predictions could do so by watching our dedicated video below:
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Delegate Your Voting Power to FEED DRep in Cardano Governance.
DRep ID: drep12ukt4ctzmtf6l5rj76cddgf3dvuy0lfz7uky08jfvgr9ugaapz4 | We are driven to register as a DRep by our deep dedication to the Cardano ecosystem and our aspiration to take an active role in its development, ensuring that its progress stays true to the principles of decentralization, security, and community empowerment.DELEGATE VOTING POWER!
