The Cardano (ADA) blockchain is making waves in the crypto world, seeing a sharp uptick in transactions following its Chang hard fork in early September. This network upgrade has seemingly ignited renewed interest, particularly among large traders and whales, pushing ADA to new heights in price and transaction volumes.
Record Transaction Volumes And Whale Interest
According to a post by TapTools on X (formerly Twitter), the Cardano blockchain recorded over $6 billion in transaction volumes within 24 hours. This surge is seen as a strong indicator of increasing whale activity, which often signals confidence in the asset’s future performance. Whales, known for moving large sums of cryptocurrency, tend to have a significant influence on market momentum, and their attention towards ADA hints at potential long-term gains.
Cardano’s daily active users also saw a remarkable spike on September 6, reaching levels not seen since March 2023. This surge in user activity is a positive sign for the network’s growth, further underscored by data from DeFiLlama, which shows a steady increase in Cardano’s Total Value Locked (TVL). In the past 24 hours, the TVL jumped from $190 million to $215 million, signaling growing investor confidence in the blockchain’s decentralized finance (DeFi) ecosystem.
ADA Price Performance and Market Cap Surge
Amid the network’s growth, ADA has emerged as a top performer, with its price rising 6% in the last 24 hours to reach $0.35. This gain has outpaced the performance of both Bitcoin and Ethereum, further solidifying Cardano’s place among leading cryptocurrencies. Trading volumes also surged by nearly 50%, reflecting a renewed sense of optimism around ADA’s prospects.
ADA’s market capitalization now sits at $12.89 billion, closing in on TRX’s market cap of $13.2 billion. This rise positions Cardano as a strong contender in the race to surpass TRX, sparking speculation about whether ADA could flip TRX’s market cap in the coming days.
According to crypto analyst WorldOfCharts, ADA’s price is currently trading within a falling wedge pattern—a formation that typically signals the end of a downtrend and the beginning of a potential bull run. If this pattern holds, ADA could be poised for a significant breakout, with the analyst predicting gains of up to 118%, pushing the price to $0.80.
Key technical indicators further support this bullish scenario. The Moving Average Convergence Divergence (MACD) recently moved above the signal line, indicating that buyers are in control. A positive MACD histogram, which flashes green, confirms the strength of the current uptrend. The widening Bollinger bands, a measure of volatility, suggest that ADA’s price could continue to experience fluctuations, with the coin currently trading near the upper band. This rise in volatility, while promising, signals caution for traders, as it may also suggest overbought conditions.
Also Read: Solana (SOL) vs. Cardano (ADA) – SOL’s 48% Drop vs. ADA’s 88% Fall—Who Will Hit New Highs First?
Cardano’s Path Forward
With the recent surge in transactions, rising market cap, and bullish technical indicators, Cardano is capturing the attention of both retail investors and large-scale traders. As the Chang hard fork continues to boost network performance and ADA inches closer to flipping TRX, all eyes are on whether this momentum can translate into sustained gains for Cardano in the weeks ahead.
If the bullish signals hold, ADA could be set for a new chapter of growth, solidifying its position as a leading player in the ever-evolving crypto market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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