Cardano (ADA) has experienced an impressive 20.29% surge in price over the past seven days, aligning with the current positive momentum in the overall cryptocurrency market. This surge has been accompanied by a significant increase in trading volume, allowing ADA to outperform many other major cryptocurrencies with large market capitalizations.
The primary reason behind ADA’s price surge can be attributed to the large on-chain transactions that have taken place in the past week. This surge has set Cardano apart from other cryptocurrencies and has positioned it favorably for potential continued growth in the coming days.
The uptick in ADA’s price coincided with the announcement of crucial updates related to the upcoming Chang hard fork, a pivotal moment for the Cardano blockchain. Cardano founder Charles Hoskinson mentioned in an AMA broadcast that the upgrade to node 9.0, essential for the Chang hard fork, is nearing completion. This development has contributed to the positive sentiment surrounding ADA and has sparked interest among investors.
The recent price surge in ADA has been accompanied by a notable increase in whale activity on the Cardano blockchain. Data from IntoTheBlock indicates that the number of daily transactions exceeding $100,000 has risen significantly over the past week, showing a 160% increase. Furthermore, the “Large Holders Netflow” metric suggests that major holders have increased their ADA holdings by +27.53% in the last seven days. This accumulation by whales has played a crucial role in driving ADA’s price upward and fostering a bullish sentiment in the market.
As the entire cryptocurrency market begins to show signs of positivity, Cardano (ADA) could potentially sustain its price uptrend in the coming week. However, failure to break above minor resistance at $0.43 may lead to a bearish scenario where ADA could reverse its gains. The weekend’s price movement will be crucial in determining ADA’s performance next week, with a potential test of resistance at $0.515 on the horizon.
Cardano’s recent price surge and positive market sentiment reflect the growing interest and confidence in the project. With ongoing developments and the upcoming Chang hard fork, ADA has the potential to continue its upward trajectory and establish itself as a significant player in the cryptocurrency ecosystem. Investors and enthusiasts alike will be closely watching ADA’s price movements in the coming days for further insights into its future performance.
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