Cardano (ADA) is once again making waves in the crypto space, emerging as one of the top trending blockchain networks over the last 24 hours. This sudden buzz may stem from bold comments by Cardano’s founder, Charles Hoskinson, who recently claimed that Cardano is on track to surpass Bitcoin. Hoskinson’s statement adds fuel to the momentum Cardano has built since the beginning of October.
Cardano’s Social Comeback
Cardano’s renewed popularity also reflects a significant social media recovery. Data from Messari shows that Cardano’s followers on X (formerly Twitter) dropped sharply from 836,000 in March to just below 822,000 by the end of September—a loss of over 14,000 followers.
However, the tide appears to be turning. Cardano’s follower count stood at 823,870 at press time, marking a gain of more than 2,000 followers since October began. Historically, an increase in followers has correlated with positive price movements, hinting that Cardano could be on the verge of a bullish rally.
ADA Price Primed for a Breakout?
Cardano’s price has been trading within a narrowing wedge pattern for several months, indicating that a breakout—either up or down—may be imminent. As of October 20th, ADA was trading at $0.351, having recently retested a key support level on October 18th. This retest suggests that bullish momentum might be building.
Further supporting the potential for a rally, the number of transactions on the Cardano network has surged in recent weeks. On October 6th, transactions hit a low of 26,900, but by October 19th, the network recorded 43,750 transactions. This uptick hints at growing demand for ADA within the ecosystem, though it may not fully reflect market-wide buying pressure just yet.
Whale activity offers another layer of insight into ADA’s prospects. At the start of October, whales held 3.19 billion ADA, representing 8.95% of the total supply. That figure has since increased slightly to 3.2 billion ADA (8.98%). While increased whale holdings are a bullish signal, they are partially offset by a slight decline in investor holdings from 7.25 billion ADA to 7.24 billion ADA. On the other hand, retail investors appear to be accumulating, with their balances rising from 25.18 billion to 25.19 billion ADA over the same period.
Also Read: Cardano (ADA) Surges 2.34% Today – Is $1 Within 70 Days?
Is Cardano’s ADA Ready for a Bullish Surge?
While Cardano’s ecosystem shows signs of renewed interest, the mixed signals from whale and retail activity suggest that ADA’s recovery could be gradual. However, with Hoskinson’s confident remarks, growing transaction volumes, and a potential price breakout looming, the next few weeks could prove pivotal for ADA’s performance.
Whether or not ADA flips Bitcoin, Cardano appears to be laying the groundwork for a bullish recovery, and investors may want to keep a close eye on its next moves.
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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