Cardano (ADA) Rebounds as Trader Positivity Grows; here’s what to look for
On-chain analytics firm Santiment notes a significant rise in traders’ optimism within crypto social circles as Bitcoin and the entire crypto market recover.
Cardano’s ADA token is showing a rebound alongside the rest of the altcoin market. At press time, ADA was trading at $1.16, up 6.05% in the past 24 hours according to data from CoinMarketCap.
Here is what to watch
On-chain signals provided by IntoTheblock have flipped mostly bullish for ADA at press time. Cardano has seen a rise in addresses since the start of 2022.
U.Today reported that Cardano addresses with a balance between 10,000 and 1,000,000 ADA have increased by 15,000% since mid-December 2021. This category of investors has more than doubled their holdings by accumulating 53, $6 million in chips at the end of January, according to Santiment. Additionally, the balance held by addresses with 1-10 million ADA grew by 40.65% in the first month of 2022 alone.
Top crypto exchange Kraken indicated in its report that ADA’s present price action, coupled with its daily transactions, might be a bullish indicator. Kraken also notes that transactions interacting with smart contracts now make up the majority of ADA transactions, following the launch of dApps on Cardano.
The total number of Cardano wallets recently surpassed the $3 million mark. As of December 24, that number stood at 2.5 million, and over 500,000 ADA wallets have been added since then.
