Cardano (ADA) 
$0.585073 The price entered an expected correction after a major rally. ADA, which stood out as one of the best-performing cryptocurrencies last week, is now the subject of new analysis. Some key on-chain metrics could help Cardano move towards $1.
Factors Supporting Price Increase
Cardano’s community is very active and known for its large ecosystem. This situation is also reflected in on-chain metrics; The number of whale transactions, transaction volume and daily active users are increasing.
According to crypto analytics platform IntoTheBlock, ADA’s whale trading volume increased by 34% to $11.64 billion. Despite its relatively low price, ADA remains a favorite with whales. More than 8,900 transactions took place in the last 24 hours and 26.91 billion ADA were moved.
ADA’s Journey to $1
According to IntoTheBlock data, Cardano’s number of Daily Active Users (DAU) has also increased. DAU, which shows the number of users making or verifying transactions on the network, reached 44,460 addresses, an increase of 17.33%. While this data has not yet had a direct impact on the price, it could help ADA remain strong at $0.4. At the time of writing, ADA price is trading at $0.4399; It experienced a decrease of 1.99% in 24 hours. During this period, ADA moved in a narrow band between $0.4289 and $0.4499.
This price level stands out as one of the highest points seen since mid-July and could be interpreted as a sign of a correction on the way to $1. ADA, which increased by 24.81% last week and 31% since the beginning of the month, is still 85% lower than its all-time high of $ 3.10. However, many supporters believe that ADA could regain its former peak.
The Cardano ecosystem is currently undergoing significant changes. Chang Hard Fork and updates are reshaping the look of ADA. As global developments and the demand for decentralization increase, interest in ADA is expected to increase. If demand increases, it is possible that ADA will approach the $1 target.
Additionally, the Cardano community supports the nomination of Charles Hoskinson as a crypto advisor to former US president Donald Trump. If this happens, there could be a huge bullish wave for ADA.
Cardano’s existing on-chain data and strong community support make the $1 target achievable. However, market dynamics and global economic conditions may affect this process. Investors should monitor developments closely and consider risks.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
