The Cardano (ADA) market has been on a rising trajectory for the past eight weeks. The proof-of-stake-based blockchain has attracted significant whale attention that helped push ADA prices from about $0.25 to around $0.40 since the calendar flipped. However, the bullish momentum has dramatically reduced in February compared to the prior month. This has, however, been observed in almost all other digital assets, with few exceptions.
As a result, Cardano (ADA) traders eagerly await a breakout above $0.4, with the next price target between $0.45 and $0.5. A rejection of such a move could see Cardano’s price retract toward $0.31 before rebounding again.
The bullish thesis on the Cardano (ADA) market has more support from the rising cash flow in total value locked (TVL). According to the latest updates by defilama, the Cardano network enjoys a TVL of approximately $119 million, with top DeFi projects including Minswap, Indigo, and WingRiders.
Cardano (ADA) Whales Stash Up!
According to Cardano’s on-chain analysis provided by Santiment, ADA whale transaction count exceeding $100k has significantly spiked in February. The spike contrasts the decline in rising momentum recorded in January. Notably, Cardano whales have not registered a similar spike in whale transactions for the past August last year.
Perhaps the Cardano whales are betting on the increased development activity recorded in the recent past. Moreover, Cardano ranked third after Polkadot (DOT) and Kusama (KSM) in network development in the past 30 days.
The Cardano’s native over-collateralized stablecoin, which was developed by IOG and powered by COTI, Djed, has recorded a total value locked of approximately $11.93 million.
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- Source: https://coinpedia.org/price-analysis/cardano-ada-awaits-breakout-above-0-44-amidst-increased-whale-interest-rising-tvl/
