The price of Cardano (ADA) is taking a breather at the moment, a correction that becomes imminent after a period of epic rally. While the coin remains in the spotligh as one of the best performers in the past week, it’s future growth outlook has sparked a new bout of analysis. As a complete protocol, some of its core onchain metrics might help it retrace its growth path to $1.
Cardano Price Growth Catalysts
The ADA community is one of the most vibrant in the broader ecosystem. This has translated into onchain metrics like the whale transaction count, volume and daily active users.
Per the data from crypto analytics platform IntoTheBlock, the ADA whale transaction volume has jumped by 34% to $11.64 billion in 24 hours. Despite its relatively lower price, ADA is a major whale favorite. The coin has recorded more than 8,900 transactions within the period with a record 26.91 billion ADA moved overnight.
As of writing, the IntoTheBlock data, the Daily Active Users (DAU) on the protocol is also growing. This metric shows the number of users conducting or validating transactions in the network overall. The DAU suddenly spiked by 17.33% with over 44,460 addresses featured.
Though this metrics are not currently reflecting on Cardano price as of writing, a sustenance can help ADA maintain resilience above the $0.4 price mark. As of writing, Cardano price was changing hands for $0.4399, down by 1.99% in 24 hours. ADA has thus far traded within a tight range within this period. It went from a low of $0.4289 to a high of $0.4499 before resting at its current level.
This price level is the best Cardano has seen since mid-July, implying the slump is a potential correction on the path to $1.
The ADA $1 Price Dream
Despite soaring by 24.81% in the past week and by over 31% Month-to-Date (MTD), Cardano price is still more than 85% below its All-Time High (ATH) of $3.10. Many ADA proponents believes this ATH is achievable if it can beat the psychological level at $1.
Notably, the Cardano ecosystem is undergoing intensive changes at the moment, with Chang Hard fork and related updates changing its outlook. With global advances and decentralization pursuit, the note is that the demand for ADA might continue to grow in the coming weeks. If this demand materializes as expected, it might help push the coin toward the $1 price.
The Cardano community have started tipping Charles Hoskinson for Crypto advisor role to President Donald Trump. While this is far-fetched for now, if it become a reality, it can drive a massive ADA rally.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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