- Cardano (ADA) has witnessed an increase of over 1700% in its on-chain transaction volume since late January.
- Cardano (ADA) is trading at $0.2575, with a modest 0.87% increase in the last 24 hours.
Cardano (ADA), one of the leading blockchain in the cryptocurrency market, is defying broader market trends as it experiences a remarkable surge in its on-chain transaction volume, with an increase of over 1700% since late January. Despite a comparatively gloomy market value when compared to its April highs, Cardano’s performance showcases the power of utility and social dominance in the crypto space.
According to market intelligence platform Santiment, the surge in ADA’s weekly on-chain transaction volume underscores the blockchain’s growing popularity and adoption. This substantial increase comes at a time when the cryptocurrency market has witnessed volatility and fluctuations.
.@Cardano is still seeing rising #onchain transaction volume despite its suppressed market value compared to its April local top. Utility plays an important role in any bounce, and this combined with adequate $ADA social dominance, is still promising. https://t.co/EbGxIN8wFd pic.twitter.com/Y9SRtbXLFq— Santiment (@santimentfeed) September 4, 2023
Santiment stated:
“Utility plays an important role in any bounce, and this combined with adequate $ADA social dominance, is still promising.”
Furthermore, Cardano’s discussion rates remain indicative of high trader interest, reinforcing the notion that the crypto community continues to find value in the project.
Cardano (ADA) Price Track
However, it’s essential to note that Cardano’s (ADA) daily price chart currently shows a bearish trend. ADA’s price has fallen below both the 50-day and 200-day moving averages (MA), and the Relative Strength Index (RSI) stands at an oversold state, registering a value of 37.
Cardano (ADA) Price Chart Source: TradingView)
At the time of writing, ADA is trading at $0.2575, marking a modest increase of 0.87% in the last 24 hours. This price movement suggests that while Cardano’s utility and on-chain activity are growing, short-term market sentiment remains challenging.