Cardano is experiencing a resurgence of interest from large investors, as the network’s daily transaction volume reaches an average of $13 billion over the past week. Blockchain analysis firm IntoTheBlock has confirmed this trend, stating that Cardano has seen some of the highest daily transaction volumes, rivaling that of Bitcoin. The data reveals that ADA transactions worth at least $100,000 have surged to a daily average of $13.84 billion, which is one-third of Bitcoin’s volume during the same period and over 16 times the volume of Dogecoin.
One notable day during this period was April 22, when Cardano reached a transaction volume of $14.08 billion, coinciding with a price recovery to $0.51 and a 3.48% intraday gain. However, as Cardano faced a four-day losing streak and lost its price territory, the large transaction volume declined. Despite this drop, the cumulative volume of these transactions remained above $10 billion, with the lowest figure recorded on April 27 at $10.32 billion. Since then, the transaction volume has gradually increased, reaching $10.32 billion.
The increase in large transaction volume for Cardano suggests that there may be growing interest from institutional investors or significant activity within the network, indicating a potential increase in confidence in the project. However, it is important to note that these movements do not provide clear directional signals as they could represent inflows or outflows from exchanges.
Moreover, data from Santiment reveals that the cumulative balance held by addresses with 100,000 to 100 million ADA has been steadily increasing since the beginning of the month. This indicates a growing trend of accumulation among large holders, which Cardano could utilize for a potential recovery.
Market analyst Cobra Vanguard has also noted that Cardano has been trading within an expanding channel since the start of the year, experiencing higher highs and lower lows. The analyst predicts multiple price targets, with the first target set at the $0.52 price level, followed by $0.57 and $0.62. To surpass these levels, Cardano would need to overcome the $0.685 level before aiming for a push above $0.70, with the ultimate goal set at $0.775.
It is important to remember that this article provides informational content and should not be considered financial advice. The views expressed in the article are the author’s personal opinions and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.