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Cardano (ADA) on Solo Bullish Ride, Multiple Metrics Just Turned Green

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Thu, 7/12/2023 - 8:07
Cardano (ADA) on Solo Bullish Ride, Multiple Metrics Just Turned Green
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The price of Cardano (ADA) is visibly defying gravity as it sets sail on a solo path with impressive bullish action. At the time of writing, the coin is up by 9.3% to $0.4506, according to data from CoinMarketCap. Notably, Cardano’s price is around the $0.46 price point, a level it has been unable to breach thus far this year. This is not a cause for concern though, as ADA is still effectively trading at the highest price for the year.

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ADA 1D Chart. Source: CoinMarketCap

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Cardano (ADA) Price Climb: Navigating Peaks and Valleys Toward Market Stability

Cardano has seen a lot of depressing days, making this ongoing bullish ride a notable one. Many underlying growth metrics, as measured on-chain, are in positive territory today. The Cardano daily volume is up 61.42% to $803,194,826, showcasing strength in traders' interest in buying and selling Cardano.

One interesting switch in Cardano’s performance is the whale transaction volume, as measured by IntoTheBlock. The data presented pegs this volume at $16.24 billion, up by 33.65%. While the whale's actions depict the attractiveness of Cardano, the 22.24% jump in Daily Active Addresses makes the health of the protocol quite holistic. 

At the time of writing, more than 55,600 addresses are actively engaging on Cardano, no small feat for the protocol.

Will Cardano's (ADA) price breach $0.5?

Cardano arguably suffered one of the biggest losses during the crypto winter, from which it is currently trying to wriggle away. While December has spelled a good omen for Cardano thus far, the question of whether or not ADA can soar above the $0.5 price mark still looms on the horizon.

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Cardano Eyes 67.5% Upswing in December, If ADA Price Follows History

December already started on a good note and a sustained attempt to maintain the bullish uptrend might help push the price to this impressive level for the first time since December 2022.

With its broad innovative decentralized applications (dApps), community activity and general industry trends, this dramatic push might be recorded.

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