Cardano (ADA) could be gearing up for a bull run in the coming weeks, based on on-chain data and adoption growth. The creation of new wallets on the Cardano blockchain has experienced significant spikes since the beginning of February, suggesting a potential influx of new funds into the Cardano ecosystem. According to on-chain data, the number of new addresses on the Cardano network surged by 89% between February 22 and February 23, with a massive 248% increase earlier in the month between February 1 and February 2. This spike in new wallets is a positive signal for ADA’s price potential.
The number of new wallets created daily on the Cardano blockchain has been steadily rising, with a peak of 5,414 new wallets added on February 2. While the daily new wallet creation has slightly slowed down since then, it has consistently remained above 1,500. The total number of wallets registered on the Cardano network is close to 4.6 million addresses, indicating growing interest in the ecosystem. Active daily addresses have surpassed 30,000 since the beginning of the year, reaching 64,568 on February 16, showcasing the increasing interest in the ADA token.
After trading around $0.6 for a while, Cardano has recently broken past the $0.62 mark, following a 6.99% increase in the overall crypto market. As of the last 24 hours, Cardano is trading at $0.6211, up 6.23%, and up 29.85% in the past 30 days. However, the path to reclaiming its all-time high of $3.1 is challenging, with several price resistances to overcome. The first milestone would be to establish significant support above $0.63, potentially leading to a push towards $0.66, a level not seen since December 2023. If Cardano manages to maintain levels above $0.66, it could pave the way towards the $1.20 mark. Long-term holders who purchased around this price point may consider selling to break even, presenting a potential hurdle. Nevertheless, if adoption continues to increase and demand strengthens, Cardano could see a breakthrough.
It is essential to note that investing in cryptocurrencies carries inherent risks, and price movements can be highly volatile. The information provided in this article is for educational purposes only and should not be considered as financial advice. It is crucial to conduct thorough research and analysis before making any investment decisions. Always remember to invest within your risk tolerance and use caution when trading in the cryptocurrency market.
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