Usage of the Cardano (ADA) network has increased significantly, as evidenced by recent on-chain data. There has been a notable increase in the number of active wallets on the network, making the current usage level the highest recorded in the past year.
At the same time, whale activity is also increasing. This indicates a growing interest from wealthy investors.
600,000 active wallets on Cardano
Through social media platform X, Danogo, a decentralized exchange (DEX) within the Cardano network, shares key insights from a recent report. This report highlights a notable increase in the number of active users on the network.
According to the data, the Cardano network recently peaked with 600,000 active users within a 30-day period, which is a record for this year. The last time similar user numbers were observed was around April of the previous year.
This means that the use of the Cardano network has doubled in recent months. By comparison, in September of last year, the project recorded fewer than 300,000 active wallets within a 30-day period.
This growth is an encouraging sign for the network. As more people use Cardano, demand for ADA, the underlying cryptocurrency, increases. This has the potential to contribute to an altcoin price increase in the long term.
Is a breakthrough above $1 feasible for ADA?
The increase in users on the Cardano network is seen as a favorable indicator for price development. In addition, there has been a noticeable increase in whale activity on the network; last week, more than 6,800 whale transactions were observed within 24 hours. These transactions, each worth more than $100,000, underline a growing interest from whales.
All these developments play a crucial role in Cardano’s potential to break the $1 barrier. Currently, the altcoin is experiencing significant resistance at the $0.70 mark, followed by the $0.80 price level. If the coin overcomes these resistances, reaching the $1 price level seems almost inevitable.
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Source: https://newsbit.nl/cardano-netwerk-beleeft-recordactiviteit-is-een-ada-koers-van-1-binnen-bereik/
