Key Cardano Metric Up 60% in One Month: Is ADA on the Verge of a Rally?

[Eamon]

Key cardano Metric Up 60% in One Month: Is ADA on the Verge of a Rally?

TL;DR

• Cardano’s NFT sales volume and other financial metrics have shown significant growth recently.
• Cardano’s token, ADA, saw a price drop last month.
• Despite this, some analysts predict a potential price increase for ADA.

Cardano’s Progress in This Area


NFT sales volume on Cardano according to CryptoSlam data climbed It rose 60% to almost $9 million.

Ethereum continues to lead with volume of around $327 million, but the figure actually represents a 25% decline on a monthly basis.

The total value locked (TVL) and on-chain transaction volume on Cardano were also well above the figure observed in early December. currently old stands It is worth over $330 million, while the second indicates $6.5 million.

Cardano TVL and On-chain Trading Volume, Source: DefiLlama
Is ADA Price Affected?


Despite the above, the price of ADA (Cardano’s native token) is in a downward trend. There has been a decline of over 18 percent in the last 30 days, erasing some of the gains made through 2023.

ADA Price, Source: CoinGecko

However, some analysts are optimistic that ADA may experience a bull run in the near future. Recently X (Twitter) user Lucid was praised Cardano’s technology, community, and blockchain have set a price tag of $10. The host of the educational YouTube channel Coin Bureau also made a bullish prediction: imagine ADA rose to $1.

“The weekly chart shows that it may be in the process of painting a bull flag. “If this happens, ADA could rise to as high as a dollar, given that this is the next important resistance zone.”

Those who want to observe additional price predictions can do so by watching our special video below:


Key Cardano Metric Up 60% in One Month: Is ADA on the Verge of a Rally? appeared first on CryptoPotato.

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