On-Chain Data Suggests Cardano Is Growing RapidlyMarch 29, 2023
On-chain data provider Santiment shows Cardano (ADA) is presenting mild decoupling signs this week. According to the report, the decoupling highlights ADA’s increasing strength as an independent asset.
ADA’s recent price moves and uptrend depicts resilience for over a month, even amid downturns in the broader crypto market. Santiment reported that major Cardano investors with 10,000 or more ADA tokens embarked on a buying spree.
Cardano Bucks Downtrends With Impressive Price Performances
Over the past two days, ADA has witnessed an 11% price growth, distinguishing itself from other assets in the crypto market. While other assets traded in the red, losing previous gains, ADA gained.
This price performance may indicate investors are betting on ADA’s long-term utility and potential. It may also mean that the Cardano ecosystem is getting mature. Santiment data reveals that addresses holding over 10,000 ADA have accumulated 1.03 billion coins, a 3.3% increase from their initial token holdings.
This accumulation further suggested increased on-chain activity even amid bearish sentiments in the market. Moreover, ADA’s steady price increase over the last month indicates bullish sentiment among its investors.
ADA might see more decoupling actions as the Cardano network expands its ecosystem and remains innovative. This could further distinguish it as a dominant asset supporting crypto diversification.
ADA Price Pushing Forward As Investors’ Sentiment increase
No matter how hard Cardano fights, it still has strong rivalry in projects like Ethereum and Solana. However, Cardano is planning several projects to improve the developer experience within its ecosystem.
Cardano (ADA) is trading at $0.3852, with over a 4% price increase over the past 24 hours. Despite slight pullbacks here and there, ADA has gained 12% in two weeks, retaining some of its past month’s gains while most coins surrendered theirs.
ADA’s current price compared to its January 1 price indicates the token observed notable rallies this year amid major developments on the Cardano network.
According to an update by a top crypto trader, Cardano broke the all-time high Total Value Locked (TVL) with 381.05 million ADA locked. So, ADA TVL would reach $1.181 billion if the token hit $3.10. The trader is confident that ADA’s TVL could increase ten times its current value during the next bull market.
At press time, ADA’s TVL has reduced to $140.38 million. But it has recorded an 8.51% increase over the past 24 hours.
Total value locked (TVL) is a metric used to measure the total amount of assets locked up in decentralized finance (DeFi) protocols. An increase in TVL often precedes increased liquidity, popularity, and usability of a crypto asset. ADA’s increased TVL further confirms its gaining traction from the investor community.
Featured image from Pixabay and chart from Tradingview.com
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