🚀 Cardano’s Network Activity Hits 2023 Highs
Cardano (ADA) has seen a surge in network activity, reaching levels last observed in mid-2023. This uptick signals renewed user engagement, often linked to price rallies.
📈 ADA’s Recent Performance
ADA touched $1 last week but corrected to $0.984, dropping over 6% in 24 hours. Despite the pullback, 67% of ADA addresses (2.97M) remain in profit, reflecting strong holder confidence.
📊 Rising User Activity
IntoTheBlock highlighted a spike in new ADA addresses, hitting the highest level since June 2023. This growing activity shows increasing interest from investors and long-term holders.
💡 Will This Spark a Breakout?
While the trading volume has dropped, signaling potential trend reversal, ADA’s social volume and MVRV ratio have also declined. A test of support near the 9-day MA could determine its next move.
🌟 The Path to $1.5?
If ADA’s rising activity and low volume spark bullish momentum, it could break past $1. A successful breakout might push ADA toward $1.5, though slipping under $0.8 remains a risk.
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