Cardano (ADA) price has maintained its positive rally, soaring 30% in 14 days as its address activity and whale transactions hit record highs.
Per data from the crypto analytics platform Santiment, ADA address activity and whale transactions have reached their highest level in more than three months. The impressive on-chain metrics bolster the formation of support at $0.32.
Cardano’s Growth Backed by On-Chain Trends
Per data from the accompanying Santiment chart, daily active addresses and whale transactions worth at least $100,000 have recorded erratic movements since late July.
From July to date, the active addresses count on Cardano touched the lowest level between September 10 and September 18. In addition, whale activities hit their lowest level on October 12, a trend that lasted until October 19.
However, both metrics are now back on track, with Santiment confirming a more than 23% surge in address activity in the past three weeks and a 32% surge in whale transactions within the same period.
The positive outlook on Cardano per this metric stems from notable strides recorded by DApps residents on the protocol. Indigo, a Cardano-based Collateral Debt Position (CDP) platform, now ranks among the top 15 protocols in this niche, further driving the sentiment across the board.
Analysts Bullish on Cardano
While Cardano remains down 18.5% from this time last year, the latest developments have ignited some optimistic projections about the protocol’s future.
At the time of writing, Cardano is trading at $0.3235, up 5.2% over 24 hours. The growth has remained consistent for the better part of the week, as it recorded a 9% surge on Thursday. The improving stats have pushed Cardano’s market cap up 5.2% to $11,399,009,966 amid a 39.42% surge in trading volume to $487,392,180.
Notably, top market analyst Tim Warren believes ADA could record a 40x surge to print a new high of $10 shortly. Warren’s projections hinge on the historical trends of Cardano, which provide the perfect set-up to record such a growth push.
On its part, Input Output Global (IOG) keeps pushing new milestones to sustain dApp activities on the blockchain. One of its latest moves is the appointment of Sean Ford and David Markley as the CEO and COO of its new stablecoin venture.
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