Important Cardano Metric Rises 60% in a Month: Is ADA on the Verge of a Rally?

TL;DR

• Cardano’s NFT sales volume and other financial metrics have shown notable growth recently.
• ADA, Cardano’s token, has seen a price decline over the past month.
• Despite this, some analysts predict a potential price increase for ADA.

Cardano’s Progress in This Field

According to CryptoSlam data, the NFT sales volume on Cardano has climbed to almost $9 million, registering a 60% increase. 

Ethereum continues to lead with approximately $327 million in volume, but the figure actually represents a 25% decline on a monthly basis.

Total value locked (TVL) on Cardano and on-chain trading volume have also been well above the number observed at the beginning of December. The former currently stands at over $330 million, whereas the latter points out to $6.5 million.

Cardano TVL and On-Chain Trading Volume, Source: DefiLlama

ADA Price Impacted?

Despite the aforementioned, the price of ADA (Cardano’s native token) has been on a downward trend. It has plunged by over 18% in the past 30 days, erasing some of the gains registered throughout 2023.

ADA Price, Source: CoinGecko

However, some analysts remain optimistic that ADA could experience a bull run in the near future. The X (Twitter) user Lucid recently praised Cardano’s technology, community, and blockchain and set a price tag of $10. The host of the educational YouTube channel Coin Bureau also laid out a bullish forecast, envisioning ADA spiking to $1.

“Its weekly chart suggests it could be in the process of painting a bull flag. If that plays out, then ADA could rally to as high as a dollar, given that’s the next significant zone of resistance.” 

Those willing to observe additional price predictions could do so by watching our dedicated video below:

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