Whale transactions set the trend

Cardano network activity is increasing

Recent figures indicate a remarkable increase in whale transactions On the Cardano network, 6,810 transactions worth more than $100,000 were recorded in the last 24 hours. This increase in whale activity highlights the growing interest of large investors in ADA, which may indicate confidence in the cryptocurrency’s prospects.

There is another positive indicator for Cardano Increase the number of active addresses on your network, Data from Dango shows that the number of monthly active addresses has reached its highest level since May 2023, with 596,915 active addresses registered on March 11. This figure is almost double the number recorded in September 2023, indicating a substantial increase in user activity on the network.

ADA price change and resistance at $0.7

Despite these positive activities on the network, ADA has yet to surpass the $0.8 mark, facing resistance at this level. price of cryptocurrency has almost tripled from a low of $0.24 in September, currently trading at $0.63. If ADA can break the $0.8 resistance, it could pave the way for a rally towards $1, a price point not seen since April 2022.

The overall cryptocurrency market appears to be trending upward, with many digital assets surpassing their previous all-time highs. This optimistic market sentiment could provide the momentum needed to see ADA break above $1 in the near future.

Growing Cardano Ecosystem

Cardano DeFi platform has seen significant growth Total Value Locked (TVL) is increasing significantly, Since the start of 2023, TVL has increased from approximately $60 million to more than $487 million as of March 14.

The increase in TVL on the Cardano DeFi platform is not just due to the increase in the asset price. The amount of ADA locked in DeFi protocols has also increased significantlyFrom 200 million ADA at the beginning of the year to over 650 million.

Collateralized lending protocol Indigo stands out in the Cardano DeFi ecosystem, with over $120 million in TVL. Minswap, a decentralized exchange, follows with $100 million, while lending protocol Liquid has $63 million. MinSwap also leads in active wallet addresses with 30,677 addresses added in the last month.

As Cardano continues to attract the attention of investors and cryptocurrency enthusiasts, its recent increase in whale transactions and active addresses This bodes well for its future price trajectory, If ADA can break the $0.8 resistance, it could signal the beginning of an uptrend towards $1, an important milestone for the cryptocurrency.