The post Cardano Surpasses $1 for First Time in a Year: Can the Uptrend Continue? appeared on BitcoinEthereumNews.com.

Cardano has crossed the significant $1 threshold, a remarkable achievement driven by increasing on-chain activity and community engagement. As of the latest update, ADA has experienced a 6% price rise, marking a pivotal moment in its market performance. “This boost in trading activity signals a broader market recovery,” noted analysts from COINOTAG, emphasizing the impact of increasing investor confidence. Cardano surpasses $1 for the first time in nearly a year, driven by surging activity, investor confidence, and a strong community engagement. On-chain metrics support price action According to COINOTAG’s analysis of Santiment data, Cardano’s daily active addresses have surged, indicating heightened user activity. Over the past weeks, the volume of active wallets and interactions within the ecosystem has spiked dramatically, coinciding with ADA’s price rally. At the end of trade on the 22nd of November, the number of active addresses was almost 94,000. This was the first time in months such a number had been recorded. This increase in activity reflected growing utility and investor confidence. Source: Santiment Moreover, Cardano’s Network Realized Profit/Loss spiked to almost $94 million in the last trading session, suggesting that many investors have capitalized on the recent price movements. This aligns with the broader market sentiment, where ADA has consistently posted gains over the last few weeks. Source: Santiment Social volume, sentiment boost Cardano Cardano’s social volume explosion underscored its growing prominence in the crypto space. Social volume tracks the number of mentions and discussions surrounding ADA across social media platforms, and the recent spikes highlighted a surge in community interest. Source: Santiment Per COINOTAG’s analysis, the Social Volume spiked to over 1,000 in the last trading session on the 22nd of November, a level not seen in months. Historically, heightened social activity has correlated with price movements, attracting new investors and reinforcing bullish sentiment.…

---

Filed under: News - @ November 23, 2024 10:16 am