$1.5 Billion Poured Into Cardano; The Value Of ADA To Skyrocket
- More than $1.5 billion has been flowed into Cardano in the last 24 hours, bringing the ADA cap to a daily high of $11.74 billion.
- Significant purchasing pressure has caused the value of ADA to surge, with the coin currently trading at $0.32, a gain of more than 14% in 24 hours.
For the time being, decentralized financial asset (DeFi) Cardano is seeing significant buying pressure.
Over the last 24 hours, more than $1.5 billion has come into Cardano, boosting the ADA cap to a daily high of $11.74 billion.
Significant purchasing pressure has led the value of ADA to skyrocket, with the coin trading at $0.32 at press time, a gain of more than 14% in 24 hours. The asset’s price has risen by more than 28% in the last week.
Notably, after encountering resistance at $0.30, this level may serve as a significant support level as ADA advances towards the critical $0.50 level. However, if investors begin to take profits, the asset will face further uncertainty. It is worth mentioning that, historically, ADA has typically followed the overall market trend; hence, the present bull run remains uncertain.
The ADA’s momentum can be due to a variety of causes, the most important of which being the platform’s rapid growth. For example, the platform is seeing a steady increase in the number of smart contracts. For example, the number of Plutus smart contracts as of January 8 is 4,803, a rise of 780 smart contracts in December alone.
Simultaneously, Cardano token has seen a spike in whales, with high-net-worth investors banking on the token’s upside potential. Furthermore, more activity is likely to fuel ADA’s upward momentum as the new year begins. According to reports, the network is anticipating the release of two stablecoins in the first quarter of 2023.
Members of the community are also looking forward to the highly anticipated Layer 2 scalability solution Hydra, which aims to boost transaction speeds with low latency and high throughput while maintaining low gas prices. Despite the fact that the price of ADA is rising, the forecasts for a bearish momentum are still more bullish. PricePredictions‘ machine learning algorithm predicts that the token will trade at roughly $0.275 by the end of this month.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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