Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?

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As a researcher with experience in analyzing blockchain data, I find the recent surge in large transactions on the Cardano network to be an intriguing development. The $10 billion worth of large transactions within the past 24 hours is a significant increase and could indicate renewed interest in the Cardano ecosystem.

The downturn in Cardano over the past week appears to be nearing its end based on on-chain indicators. Contrary to the overall crypto market’s downturn, Cardano is starting to defy the trend. ADA, the native token of Cardano, has experienced a significant increase in large-scale transactions as shown by on-chain data. This activity suggests renewed interest and sporadic usage of the blockchain. In the last 24 hours alone, there have been over $10 billion worth of large transactions on Cardano, marking a 26% rise within this timeframe. Over the past week, the value of large ADA transactions has reached $32.54 billion.

Cardano Large Transactions Climb To $10 Billion in 24 Hours

Cardano, much like other alternative coins, has experienced volatile price fluctuations since the commencement of this month. The downward trend intensified following Bitcoin‘s dip below $65,000 within the previous 48 hours. Nevertheless, there are indications that Cardano is regaining bullish energy, notably among its substantial investors. Within the last 24 hours, a significant trading volume of 27.17 billion ADA, equivalent to $10.43 billion, has been exchanged between these major holders, as reported by ITB.

It’s worth noting that the tally of significant Cardano transactions surged to 851 within the last 24 hours, marking a substantial 107% rise from the 410 large transactions logged on June 16th.

The metric from IntoTheBlock that tracks large transactions counts the number of transactions worth over $100,000 on the blockchain. It’s important to mention that while there has been an increase in activity from this group in the past 24 hours, it is still significantly lower than the peak of 95,730 transactions reached on May 29th.

Can The Activity Push ADA To $1?

As large investors begin to become more active, there’s growing speculation that this could lead to substantial price growth for ADA. Several market analysts believe that Ada still has significant potential for gains if the cryptocurrency market experiences another bull run. Notably, Cardano’s 30-day MVRV ratio currently stands at -12.6%, a highly bullish sign suggesting a possible short-term price increase.

Currently, ADA is priced at $0.3915 during this writing, representing a modest 0.45% increase within the last 24 hours. Notably, the cryptocurrency rebounded from a 7-month minimum of $0.3685 on June 18th.

Overcoming the hurdle to reach a dollar with ADA may seem challenging right now, as there are several price barriers that need to be surpassed. Initially, it’s essential to break through the resistance level at $0.400. If we fail to do so, there is a risk of sliding back down to around $0.37. Nevertheless, it’s important to remember that ADA once hit an all-time high of $3.10 in September 2021, implying that reaching a dollar isn’t entirely out of reach yet.

Cardano Bucks Bears As Large Transactions Climb To $10 Billion, Can This Drive Price To $1?

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2024-06-20 17:46