Cardano

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<p>Cardano’s ADA token has seen huge gains recently, with its market cap growing 36% over the past two weeks according to crypto analytics firm Santiment. So what explains this massive pump in ADA’s price?</p>
<p>Santiment <a href="https://twitter.com/santimentfeed/status/1720160495762915827?t=K9Tj178q_rvHVPce-5EVGA&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">noted</a> on Twitter that, as usual, observable onchain activity hinted at Cardano’s bullish price action before it occurred. Specifically, Cardano address activity and whale transactions reached their highest levels in over 3 months leading up to ADA’s surge.</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="642" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-1024x642.png" alt="" class="wp-image-369102" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-1024x642.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-300x188.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-768x481.png 768w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-1536x963.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-2048x1283.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-239x150.png 239w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-100x63.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-559x350.png 559w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57-788x493.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-57.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p><em>Source: <strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p>
<p>More addresses interacting on the Cardano blockchain reflects organic growth in platform usage and adoption. Meanwhile, a spike in large transactions from whale holders suggests accumulated buying pressure and confidence in <a class="wpil_keyword_link" href="https://captainaltcoin.com/cardano-ada-price-prediction/" title="ADA" data-wpil-keyword-link="linked" target="_blank" rel="noopener noreferrer nofollow">ADA</a>.</p>
<p>Together, these onchain data points of increased network activity among regular users and whales provide the fundamental backdrop to fuel a rapid rise in price. More demand from new users and large holders coupled with constrained supply leads to upward pricing pressure.</p>
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<p>In summary, Cardano’s bullish onchain activity in terms of address growth and whale transactions preceded and predicted the massive 30%+ ADA price rally over the past two weeks. Tracking onchain metrics can provide invaluable signals for future price movements.</p>
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<p>The post <a href="https://captainaltcoin.com/cardano-pumped-over-30-in-2weeks-whats-behind-the-ada-surge/" rel="noopener noreferrer nofollow">Cardano Pumped over 30% in 2weeks: What’s Behind the ADA Surge?</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Cardano Pumped over 30% in 2weeks: What’s Behind the ADA Surge?

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