Cardano

Rise

The broader cryptocurrency market has been under selling pressure after a sharp rally earlier this week. However, Cardano (ADA) has managed to <a href="https://coingape.com/ada-price-shoots-past-0-30-will-cardano-outperformance-continue-in-november/" target="_blank" rel="noopener noreferrer nofollow">defy the broader crypto market</a> with 2.5% in the last 24 hours. At press time, ADA is trading at $0.3178 with a market cap of $11.2 billion.
<h3 id="cardano-whale-transactions-on-the-rise">Cardano Whale Transactions on the Rise</h3>
On-chain data shows that the recent ADA price rally has been backed up by a strong surge in blockchain activity and whale transactions. Popular platform Santiment reported that Cardano stole the spotlight on Thursday as its market cap surged by 9% in the last 24 hours and skyrocketed by 36% over a two-week span. This bullish trend was anticipated through on-chain activity, $ADA address activity and whale transactions hitting their highest levels seen in over three months.
<figure id="attachment_163261" aria-describedby="caption-attachment-163261" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-163261" src="https://coingape.com/wp-content/uploads/2023/11/Cardano-Whale-Transactions.jpeg" alt="" width="1707" height="1069" srcset="https://coingape.com/wp-content/uploads/2023/11/Cardano-Whale-Transactions.jpeg 1707w, https://coingape.com/wp-content/uploads/2023/11/Cardano-Whale-Transactions-300x188.jpeg 300w, https://coingape.com/wp-content/uploads/2023/11/Cardano-Whale-Transactions-1224x767.jpeg 1224w, https://coingape.com/wp-content/uploads/2023/11/Cardano-Whale-Transactions-768x481.jpeg 768w, https://coingape.com/wp-content/uploads/2023/11/Cardano-Whale-Transactions-1536x962.jpeg 1536w, https://coingape.com/wp-content/uploads/2023/11/Cardano-Whale-Transactions-150x94.jpeg 150w" sizes="(max-width: 1707px) 100vw, 1707px">
 <figcaption id="caption-attachment-163261" class="wp-caption-text">
 Courtesy: <a rel="noopener noreferrer nofollow" href="https://twitter.com/santimentfeed/status/1720160495762915827" target="_blank">Santiment</a>
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On the other hand, Cardano also continues to maintain a strong footing in the decentralized finance (DeFi) market. As per <a rel="noopener noreferrer nofollow" href="https://defillama.com/chain/Cardano" target="_blank">data</a> from DeFiLama, the total value locked (TVL) on the Cardano blockchain has surged to $215 million.
<h3 id="ada-price-expectations">ADA Price Expectations</h3>
The ADA price is poised to potentially gain the necessary momentum for breaking past the $0.325 resistance level. Furthermore, a broader market recovery might initiate an early bullish trend in Cardano, enabling it to surpass upper resistance levels.
Should the ADA price manage to exceed the $0.325 threshold, the breakout rally could extend its reach to $0.40 after surpassing $0.35. Conversely, a sudden retreat from $0.325 might prompt a retest of the $0.30 level.
<img decoding="async" class="aligncenter size-full wp-image-163265" src="https://coingape.com/wp-content/uploads/2023/11/ADAUSD.png" alt="" width="1024" height="481" srcset="https://coingape.com/wp-content/uploads/2023/11/ADAUSD.png 1024w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD-300x141.png 300w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD-768x361.png 768w, https://coingape.com/wp-content/uploads/2023/11/ADAUSD-150x70.png 150w" sizes="(max-width: 1024px) 100vw, 1024px">
John Morgan, a user of X, proposed a more conservative price rise projection for ADA. In alignment with a research report, the analyst concurred that the asset’s value might increase by approximately 43%, primarily driven by a sudden surge in transaction volume.
For the third quarter of 2023, the Cardano ecosystem has registered <a href="https://coingape.com/cardano-records-impressive-q3-figures-can-ada-retest-0-4/" target="_blank" rel="noopener noreferrer nofollow">robust growth</a>. The stablecoin value within the Cardano protocol experienced a remarkable increase, surging by 16% in the Quarter-on-Quarter (QoQ) analysis and an astounding 461% in the Year-to-Date (YTD) period.
In addition to the stablecoin performance, Cardano demonstrated a substantial surge in its Decentralized Finance (DeFi) Total Value Locked (TVL) in the third quarter. This metric showed a remarkable 198% QoQ increase, propelling the TVL from its prior 34th position to an impressive 15th rank, marking one of its most ambitious growth displays this year.
The post <a rel="noopener noreferrer nofollow" href="https://coingape.com/cardano-ada-defies-broader-market-correction-amid-whale-transactions-whats-next/">Cardano (ADA) Defies Broader Market Correction Amid Whale Transactions, What’s Next?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coingape.com">CoinGape</a>.

Cardano (ADA) Defies Broader Market Correction Amid Whale Transactions, What’s Next?

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