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01/08/2024

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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...

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 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.

Cardano TVL and On-Chain Trading Volume, Source: DefiLlama

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.

ADA Price, Source: CoinGecko

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:

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Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


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