Cardano (ADA) Defies Broader Market Correction Amid Whale Transactions

Cardano (ADA) Defies Broader Market Correction Amid Whale Transactions

The broader cryptocurrency market has been under selling pressure after a sharp rally earlier this week. However, Cardano (ADA) has managed to defy the broader crypto market 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.

Cardano Whale Transactions on the Rise

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.

Courtesy: Santiment

On the other hand, Cardano also continues to maintain a strong footing in the decentralized finance (DeFi) market. As per data from DeFiLama, the total value locked (TVL) on the Cardano blockchain has surged to $215 million.

ADA Price Expectations

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.

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 robust growth. 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.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.


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