Cardano (ADA) shows positive signs of reversing its bearish trend, backed by increased significant transactions and daily active addresses.
Due to certain positive fundamental on-chain indicators, Cardano (ADA) is well-positioned to shift away from its current bearish trajectory.
According to the cryptocurrency analytics website IntoTheBlock’s (ITB) findings, the number of significant transactions and daily active addresses associated with Cardano has increased.
TheBlock’s data shows a 5.77 percent increase in Cardano whale sales in just twenty-four hours, resulting in a total trade of $10.61 billion. Transactions are considered significant if they have a value of at least one hundred thousand dollars, according to ITB.
Cardano Bullish Metrics Highlight
From 4,090 on May 9 to at least 5,120 on May 10, the actual count of these huge transactions has increased significantly, as indicated by the statistics.
The fact that Cardano is known to record transactions of such significant magnitude that are associated with its whales is noteworthy.
An examination of the ITB data in a more comprehensive manner reveals that, in addition to Bitcoin, Cardano is the second coin in terms of massive whale transactions.
When compared to Ethereum, which has only recorded $3.76 billion and experienced a decline of more than 3% in the same time period, Cardano claims a total value of $10.61 billion in this statistic.
We can evaluate its adaptability by comparing its performance to other leading stablecoins like USD Coin (USDC). During the same time period, USDC has only registered a total of $6.49 billion in major transactions, which is a decrease of 19.93% in just 24 hours.
These significant transactions are evidence of the one-of-a-kind characteristics of the Cardano blockchain. Traders who deal in highly liquid assets have shown their trust by participating in the trades.
There is a possibility that this support will help revive a bullish rise in the Cardano network. As I write this, the coin’s value has dropped by 1.59% over the last 24 hours to $0.4395.
The digital currency has experienced a highly turbulent week, with the majority of the days being bearish. The accumulation of whales in the middle of these bearish trends demonstrates the formation of ADA, a trait that has the potential to initiate a significant reboot.
The IntoTheBlock data revealed another significant piece of information, namely the address activity on Cardano. This metric demonstrates a 9.14% increase to 30,640, which is a figure that is not only higher than that of Shiba Inu (SHIB) but also higher than that of Toncoin (TON).
A significant number of people are convinced about the usefulness of ADA, as evidenced by the fact that more people are utilizing it at a time when the price is cheap.
The project’s founder, Charles Hoskinson, consistently expresses optimism about the project’s roadmap and often hinted at upcoming changes on the mainnet.
One of the most recent updates to the Cardano ecosystem is the onboarding of Giorgio Zinetti as Chief Technology Officer (CTO) to scale the product pipeline. Bulls are targeting the $0.5 level amid a flashing buy signal, but ADA’s attractiveness extends beyond its current price trajectory.