Cardano Defies the Odds as ADA Surges Past $0.80

ADA is carving its own path in the crypto market, with skyrocketing on-chain activity and price performance signaling a bullish breakout.

ADA’s Unstoppable Rally Gains Momentum

Cardano (ADA) has delivered an extraordinary performance this month, outshining much of the cryptocurrency market. After a period of sluggish movement, ADA’s on-chain metrics have surged, reflecting its growing independence from other altcoins.

On-Chain Metrics Paint a Bullish Picture

According to data from Santiment, ADA’s transaction volume climbed to $52.26 billion this week, the highest in seven months. Whale transactions have also surged, exceeding 8,900 for the second consecutive week, hitting a six-month peak.

📈 Cardano is decoupled from the altcoin pack, nearly matching its 8-month high. Its price ratio against Bitcoin is also nearing an 8-month high. The last time we saw this level of ADA transaction and whale volume was in June, just prior to a +26% burst in the ADA/BTC pairing. pic.twitter.com/8EmEAySWaq

— Santiment (@santimentfeed) November 20, 2024

These metrics coincide with ADA’s price ratio against Bitcoin reaching an eight-month high. Historically, such spikes in activity have preceded significant price gains, such as the 26% rise in the ADA/BTC pair seen in June. This highlights the token’s potential for further growth as it separates from the broader altcoin market.

Large ADA transactions have also seen a dramatic increase, rising 297% over the last two weeks. On November 18, transaction volume hit $22.56 billion as ADA’s price surpassed $0.742. With a 7-day high of $28.43 billion, institutional interest and activity from large holders appear to be driving this momentum. Currently, ADA trades near $0.83, up an impressive 153% since November 5—a date associated with pivotal political events influencing the crypto market.

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Profit-Taking or a Minor Pullback for ADA?

Despite this bullish activity, IntoTheBlock data shows a decrease of 30,000 Cardano addresses since November 5, suggesting profit-taking among some investors. This could lead to short-term corrections as traders lock in gains following the rally.

Nonetheless, market sentiment remains optimistic, with many expecting ADA’s upward trajectory to continue as it strengthens its position in the crypto landscape.

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