The price of Cardano (ADA) has recently witnessed a significant upswing, with its market price experiencing a notable 1.5% growth over the past 24 hours and an impressive 19% surge over one week. This surge in market valuation is bolstered by robust on-chain indicators, including a surge in ADA address activity and substantial whale transactions, reaching their highest levels in over three months.
Coinciding with the recent surge, the cryptocurrency market has been on an upward trajectory since October 19, following Grayscale Investments’ resubmission of its Bitcoin ETF application to the U.S. Securities and Exchange Commission (SEC). As a result, ADA’s price has seen an encouraging 40% surge, highlighting a bullish sentiment favoring the ADA/USD pair.
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Notable Surge in Whale Trades and DeFi TVL on Cardano
Cardano’s total-value-locked (TVL) in decentralized finance (DeFi) protocols has steadily increased, reaching a new high of 680.76 million ADA on October 31, signifying an influx of capital and enhancing the network’s appeal to investors seeking increased benefits and incentives.
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From a technical perspective, Cardano’s price broke out of its falling wedge pattern on October 1, representing a positive turnaround pattern. This breakout signifies a bullish sentiment, with the potential for a significant gap between its upper and lower trendlines. The technical breakout aligns with the overall optimistic market sentiment surrounding ADA, suggesting further potential for growth and development.
As Cardano continues to capture the market’s attention with its positive trajectory and vigorous on-chain activity, investors and enthusiasts remain optimistic about the cryptocurrency’s future growth prospects.
