Cardano (ADA) Price Rebounds as Traders’ Optimism Rises; Here Is What to Watch


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Tomiwabold Olajide

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Cardano (ADA) rebounds as traders’ positivity grows; here’s what to look out for

On-chain analytics firm Santiment notes a significant rise in traders’ optimism within crypto social circles as Bitcoin and the entire crypto market recover.

Cardano’s ADA token is posting a rebound alongside the rest of the altcoin market. At the time of publication, ADA was trading at $1.16, up 6.05% in the last 24 hours per CoinMarketCap data.

Here is what to watch

On-chain signals provided by IntoTheblock have flipped mostly bullish for ADA at press time. Cardano has seen a rise in addresses since the start of 2022.

IntoTheBlock
Cardano (ADA) On-Chain Signals, Source: IntoTheBlock

U.Today reported that Cardano addresses with a balance between 10,000 and 1,000,000 ADA have increased by a staggering 15,000% since mid-December 2021. This category of investors more than doubled its holdings by accumulating $53.6 million in tokens in late January, per Santiment. Also, the balance held by addresses with 1-10 million ADA has increased by 40.65% in just the first month of 2022.

Top crypto exchange Kraken indicated in its report that ADA’s present price action, coupled with its daily transactions, might be a bullish indicator. Kraken also notes that transactions interacting with smart contracts now make up the majority of ADA transactions, following the launch of dApps on Cardano.

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The total number of Cardano wallets recently surpassed the $3 million mark. As of Dec. 24, this figure stood at 2.5 million, and more than 500,000 ADA wallets have been added since then.




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