Cardano Blasts Off: TVL Nears $450M as ADA Price Soars: Whales Pile In

Key Insights

• Cardano's TVL has surged 33% in a week, reaching $435 million.
• Cardano's price soared 18% to $0.677, making it one of the market's best performers.
• Large transactions on Cardano's network spiked, suggesting that whale interest is growing.
• ADA is facing a crucial test at the $0.655 resistance level
• A breakout could lead to $0.74, while a dip below $0.58 may indicate a pullback.

ADA has surprised investors over the last day.

After spending most of 2023 in a perpetual slump, it appears that Cardano has "woken up", and is now printing numbers in terms of price, TVL and whale activity.

Let's see what's been up with ADA.

Cardano's DeFi Ecosystem Grows by 33% in a Week

According to data from DefiLlama, ADA's TVL has just exploded by 33% this week alone, and has hit over $440 million before normalizing to $435 million.

This is a lot higher than its previous high in 2023, around April, when this metric hit $330 million.

This spike has now pushed ADA to the 13^th rank among the largest Defu chains overall.

ADA now controls about 0.9% of the total Defi market, and is second only to Optimism, after beating Base.

According to data from DefiLlama, ADA owes this spike to several of its Dapps including Indigo, a lending platform, MSwap, a DEX, as well as Liqwid, another lending platform (among others)

All of these projects have seen their TVL surge by over 50% in the past week, reaching nearly $100 million each.

Cardano Dominates In Terms Of Price

According to data from CoinMarketCap, ADA has been one of the market's best performers over the last day, after adding a whopping 18% in its rally from $0.57 to $0.677.

ADA also boasts of a $23.1 billion market cap, maintaining its position, miles ahead of Avalanche (despite its week-on-week) gains.

According to data from IntoTheBlock, ADA's whale activity has also been rising steadily, as shown by the number and value of large transactions on its network below.

IntoTheBlock's data also shows that ADA's transactions greater than $100,000 have broken above $1.5 billion in the last 24 hours, up from $17.96 billion a week ago.

Cardano's Price Action

ADA's rally over the last few weeks has been impressive enough, as shown by the chart below:

However, the chart above also shows that ADA's rally means that it is now testing the $0.655 resistance.

This resistance is one of the strongest on ADA's weekly chart and has remained unbroken since June 2022. Moreso, ADA's weekly RSI is showing overbought conditions.

Notwithstanding, if a break above this zone occurs, and the weekly candle close comes in, with ADA safely above this zone, we may see a rally straight up to $0.74.

Other than that, Cardano may experience a light pullback to 40.58 or lower, before any more chances of an upside.

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