1.7 Million Addresses Hit 2-Year High

Several on-chain metrtics demonstrate the growing optimism about Cardano (ADA). Concurrently, the cryptocurrency has managed to break through a significant resistance level against the backdrop of a bullish market attitude.

Not only is Cardano seeing a boost in momentum, but top altcoins are also feeling the effects. Strong positions held by Bitcoin and Ethereum above $40,000 and $2,200, respectively, add to the overall favorable market dynamics.

Cardano Network Transactions Rise

Cardano has been steadily rising, and expert cryptocurrency trader Ali Martinez pointed out that the cryptocurrency’s consolidation in the middle of November resembled that of the 2018–2022 phase. This suggests that Cardano may overcome the $0.45 resistance and reach $0.75 by the end of December.

Cardano has had a pivotal three months, and what’s to come could be even more so. This is due to the fact that the network has seen numerous transactions totaling more over $100,000. Martinez claims that the spike in transactions indicates a rise in institutional interest in ADA.

#Cardano | In the last three months, there’s been a significant increase in $ADA transactions over $100,000, reaching new highs consistently.

This surge points to growing interest in #ADA from institutional players and whales, which is usually a precursor to price spikes. pic.twitter.com/APczM2PGxM

— Ali (@ali_charts) December 4, 2023

Meanwhile, there’s another interesting development happening of late. According to the most recent data, once Bitcoin broke above the $41,000 mark, there was a bullish rebound that saw the percentage of lucrative Cardano addresses rise to a two-year high of 42%, or roughly 1.76 million addresses.

Source: IntoTheBlock

Based on IntoTheBlock’s examination, this increase in profitability not only represents a transient spike but also highlights ADA’s long-term potential. This encouraging development contributes to the general sentiment among investors by fostering a sense of assurance and faith in cryptocurrencies.

ADAUSD currently trading at $0.399 territory on the daily chart: TradingView.com

Whales’ Influence On ADA’s Price And Sentiment

And speaking of sentiment, Martinez emphasized the possible influence on the price of ADA while pointing out that whales have also been participating in the recent large-scale transactions on the Cardano network. The expert noted that actions such as these might be essential to a significant…