Cardano holdings surged 297%, indicating that ADA prices may rise again.

In the past few weeks, there has been a surge in trading activity on the Cardano blockchain, and the price data reflects this trend. Cardano has seen an impressive price increase in the past 30 days, doubling in value during this period. ADA has broken the previous high of $0.77 in March and is currently trading at its highest point since 2024.

In-depth study of the driving force behind this rise, on-chain indicators indicate that this rise is driven by strong buying momentum, especially from large ADA holders. Data from blockchain analysis platforms show a significant increase in large volume, reaching 22.56 billion US dollars today. This number marks a 297% surge in large volume in the past two weeks.

"USD large volume" indicator provided by blockchain analysis platform IntoTheBlock highlights a sharp increase in activity. This indicator captures the total on-chain transaction value of over $100,000 within 24 hours, providing insights into the behavior of high net worth investors and institutional participants.

Interestingly, the large volume indicator in terms of US dollars recently reached a record high of 28.43 billion US dollars on November 16th. This number highlights the great interest and increasing activity in the Cardano blockchain, especially among large holders who may drive much of the network's development momentum.

The high level of trading activity shows no sign of stopping, with the latest data showing a large trading volume of 22.56 billion USD in the past 24 hours. From this perspective, Cardano's daily large trading volume in early November hovered below 6 billion USD, and then showed a significant rise starting from November 6th.

The price of ADA is $0.80, up about 6.5% in the past 24 hours. This price point marks the highest price of ADA since May 2022. Not only large holders; retail holders have also participated in this trend. ADA volume surged by about 29% in the past 24 hours, reaching $23.1 billion.

Currently, Cardano has outperformed all other large Market Cap encryption currencies in the past 24 hours. On-chain data and key market indicators suggest that this bullish momentum may continue, with the next important price target being a breakthrough of the psychological level of $1. In addition to large trading volume indicators, positive trends in net network growth and the futures market indicate a very optimistic outlook.


(Data Source: Scott Matherson)