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Cardano (ADA) is trading above the critical level of $1, adding to optimism among investors who expect further upside in the coming weeks. After a strong bull run in recent weeks, the recent pullback appears to be a pause in the uptrend.
Significant on-chain data supports these expectations, indicating strong network activity that reinforces bullish sentiment for ADA.
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Key metrics shared by IntoTheBlock reveal over 840,000 transactions recorded on the Cardano network, with total fees reaching 279,000 ADA. This data confirms the growing usage and demand for the Cardano Blockchain, adding to its fundamental strength. This network activity is often associated with rising prices, suggesting that ADA may soon maintain its momentum.
With ADA consolidating above $1, the market will be watching closely whether it can maintain this key level and push higher. Investors and analysts are bullish, citing the network’s growing adoption and strong transaction metrics as critical factors driving its bullish outlook. The next few weeks could be pivotal for Cardano, as a sustained move above $1 will likely indicate a continuation of its upward trend.
Cardano activity growth
Cardano is trading at multi-year highs and appears poised to continue its impressive rise. After breaching the critical $1 level at the beginning of this uptrend, ADA has shown strong momentum, driven by increasing adoption and investor confidence. On-chain data was shared by IntoTheBlock analyst C Thumbs Highlights important milestones, indicating sustainable growth in the Cardano ecosystem.
The latest data reveals that Cardano recently surpassed 840,000 transactions, with total fees reaching 279,000 ADA. Notably, the last time transaction volume and fees reached this high was in March 2022. This rise reflects the increasing utility of the Cardano blockchain, moving from being primarily speculative to showing value in the real world.
A closer look at shareholder trends further underscores this shift. From July 2022 until today, ADA has seen sustained growth in the number of owners, indicating increasing confidence in the long-term potential of blockchain. Unlike previous cycles, where ADA price movements were primarily driven by speculation, the current rally appears to be supported by tangible network activity and adoption.
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As Cardano continues to gain momentum, investors are focusing on the next important supply level. With strong network activity and prevailing bullish sentiment, ADA appears poised to target new highs, cementing its position as a leading blockchain in the cryptocurrency space.
ADA testing for critical supplies
Cardano saw a remarkable 250% rise in less than a month, showing strong upward momentum as it gained traction in the market. ADA is currently trading at $1.06, and is approaching the yearly high of $1.15, a crucial resistance level that could determine the price’s next path.
If ADA succeeds in breaking the $1.15 level, it could open the door to a significant rally targeting the next supply areas at $1.25 and possibly $1.60. Such a breakout would signal renewed investor confidence and continued demand, cementing Cardano’s position as one of the most dynamic assets in the cryptocurrency space during this cycle.
However, there is a risk of further consolidation below $1.15. If ADA fails to maintain momentum at this critical level, the price may pull back to test support at $1.00 or lower. Such a scenario could signal a pause in an uptrend, allowing investors and traders to reevaluate market conditions.
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As Cardano trades near these pivotal levels, market participants will be closely monitoring the price action to determine if the rally could extend or if consolidation will determine the short-term outlook for this rapidly rising altcoin.
Featured image by Dall-E, chart from TradingView
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