Cardano’s (ADA) price has been soaring in the crypto market, outperforming other cryptocurrencies with over 12% gains and reaching $0.83. The surge in price is fueled by a massive 145% increase in whale accumulation of Cardano over the past month. This indicates growing confidence in Cardano’s native token ADA, with wallets holding over $10 million worth of ADA increasing their positions significantly.
Additionally, the Cardano blockchain has seen a surge in decentralized finance (DeFi) activity, with the Total Value Locked (TVL) reaching $479.8 million. This increase in DeFi activity, along with bullish on-chain metrics, suggests that the ADA price rally may continue further. The momentum reflects the expanding utility and adoption of Cardano’s DeFi infrastructure across decentralized exchanges, lending platforms, and other protocols within the ecosystem.
Blockchain analytics platform Santiment reported that ADA is decoupling from the rest of the altcoin market, approaching an 8-month high in price. The ADA-to-Bitcoin price ratio is also nearing an 8-month peak, indicating strength against the leading cryptocurrency. The current ADA transaction and whale activity levels resemble those observed in June, prior to a 26% surge in the ADA/BTC pair.
Cardano founder Charles Hoskinson recently engaged in a technical exchange with Ripple CTO David Schwartz, focusing on their partnership with XRP. The conversation centered around Cardano’s privacy-focused blockchain initiative, Midnight, and XRP, sparking excitement about potential collaborations ahead. Meanwhile, crypto analyst Ali Martinez has suggested that Cardano’s price patterns resemble those seen during the 2020 bull run, hinting at a potential mega rally up to $6 and a new ADA all-time high.
As of the latest data, ADA is trading at $0.786 with a market cap of $27.54 billion and daily trading volume surging by 25% to $2.27 billion. Martinez predicts a significant rally for Cardano, drawing parallels to historical price movements. With growing confidence in Cardano’s DeFi infrastructure and increasing whale accumulation, investors are optimistic about ADA’s potential to reach new milestones in the near future.
