Cardano Daily Transactions Climb To 50,000 As SEC Decision On ADA ETF Nears

Cardano daily transactions have reached a peak of 50,000, buoyed by glowing fundamentals, including the prospects of an ADA ETF. ADA price surging from the fallout of positive on-chain metrics, with traders keeping their eyes peeled for a potential price breakout.

Daily Transactions Reach 50,000 Driven By ADA ETF Prospects

According to an X post from TapTools, daily transactions on Cardano have surged 50,000 from their previous lows. At the start of May, daily transactions were under 30,000, but numbers steadily climbed to set a new monthly high. Cardano transaction volumes are also pulling in impressive numbers, soaring to $684.6 million over the last day. The metrics around the network have seen Cardano price gain nearly 8% since the start of May.

In the push to 50,000 transactions, the ADA price rose by 5% in the last seven days. While on-chain data is painting a positive picture for Cardano, a bird’s eye view of fundamentals offers a clearer perspective.

Enthusiasm for a the approval of spot ADA ETF has reached a peak ahead of the May 29 deadline. The US SEC will give its decision on May 29, with approval odds on PolyMarket climbing to 71%. An SEC approval will trigger a wave of institutional interest in ADA akin to the successes of spot Bitcoin and Ethereum ETFs.

Cardano Price Eyes A Breakout To $3

As the ecosystem awaits for the US SEC’s decision for a spot ETF, whales are accumulating ADA in anticipation of a rally. Data from Cardano Feed confirms that $680 million ADA tokens left exchanges, signaling bullish sentiments for the asset. Amid this, Cardano Feed suggested ADA could be headed to $3, its previous peak.

Meanwhile, a previous price analysis by Coingape noted that the Cardano price could spike six-fold from present levels to set a new all-time high. To achieve the rally, ADA price will have to push past an ascending parallel pattern, tipping prices to reach $4.50.

Investors are bracing for a spike in prices stemming from other metrics, including core developer activity. Cardano is topping Ethereum and Solana in this metric, pointing to the growing network activity. Already, pundits are mulling over the prospect of ADA surpassing USDC in market capitalization and the impact on Solana price.