The broader cryptocurrency market has been under selling pressure after a sharp rally earlier this week. However, Cardano (ADA) has managed to defy the broader crypto market with 2.5% in the last 24 hours. At press time, ADA is trading at $0.3178 with a market cap of $11.2 billion.
On-chain data shows that the recent ADA price rally has been backed up by a strong surge in blockchain activity and whale transactions. Popular platform Santiment reported that Cardano stole the spotlight on Thursday as its market cap surged by 9% in the last 24 hours and skyrocketed by 36% over a two-week span. This bullish trend was anticipated through on-chain activity, $ADA address activity and whale transactions hitting their highest levels seen in over three months.
On the other hand, Cardano also continues to maintain a strong footing in the decentralized finance (DeFi) market. As per data from DeFiLama, the total value locked (TVL) on the Cardano blockchain has surged to $215 million.
The ADA price is poised to potentially gain the necessary momentum for breaking past the $0.325 resistance level. Furthermore, a broader market recovery might initiate an early bullish trend in Cardano, enabling it to surpass upper resistance levels.
Should the ADA price manage to exceed the $0.325 threshold, the breakout rally could extend its reach to $0.40 after surpassing $0.35. Conversely, a sudden retreat from $0.325 might prompt a retest of the $0.30 level.
John Morgan, a user of X, proposed a more conservative price rise projection for ADA. In alignment with a research report, the analyst concurred that the asset’s value might increase by approximately 43%, primarily driven by a sudden surge in transaction volume.
For the third quarter of 2023, the Cardano ecosystem has registered robust growth. The stablecoin value within the Cardano protocol experienced a remarkable increase, surging by 16% in the Quarter-on-Quarter (QoQ) analysis and an astounding 461% in the Year-to-Date (YTD) period.
In addition to the stablecoin performance, Cardano demonstrated a substantial surge in its Decentralized Finance (DeFi) Total Value Locked (TVL) in the third quarter. This metric showed a remarkable 198% QoQ increase, propelling the TVL from its prior 34th position to an impressive 15th rank, marking one of its most ambitious growth displays this year.
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