Cardano (ADA) Soars to 4-Month High with 40% TVL Surge

Cardano (ADA) just popped up in the news, hitting $0.348808, a record for the past four months! Soon after, it hiked to $0.353. Big investors known as “whales” and the buzzing decentralized finance or DeFi area in the Cardano network are responsible for this exciting jump.

CoinMarketCap data shows Cardano has had a solid 4% growth in one day and an impressive 18% rise over a week. Santiment, an on-chain data service, confirms this, showing a significant boost in network movement.

An interesting feature is the record-shattering 1,742 transactions of over $1 million, all in just one day. This is a turning point unseen from January 2022. Interestingly, there was a drop in the daily active ADA addresses when this happened. According to Santiment’s data, Cardano’s wealthiest investors are hoarding more ADA, while the regular ones are being more careful. But Cardano’s value has still risen over 30% in the last month.

Cardano’s rise is partly due to growing DeFi activity. According to DeFiLlama, the network’s locked value is now $236.72 million – a big 39% jump in just a month! The increase suggests that more DeFi users are interested in Cardano. DeFi projects on Cardano, including Liqwid, Minswap, Optim Finance, and Indigo, are attracting more buzz.

In other exciting news, Cardano’s transaction volume now stands at 332.08 million, up from 237.63 million. That’s the highest it’s been in three months! More transactions mean a promising future for ADA’s price.

CARDANO’s November Futures: Analysts Weigh In on ADA’s Potential

Different experts shared their thoughts on what’s next for Cardano. John Morgan gave several possible futures for November. One downside: ADA might go as low as $0.24. A neutral view showed it at around $0.29. The positive outlook suggested ADA rocketing to $0.41. The reasons? Rising TVL and support from IOG, its maker. The latest happenings make it look like the last scenario might come true.

A hopeful forecast comes from Lucid, an expert who thinks Cardano could multiply by 100, hitting $30. This bright view connects to the crypto market’s total upsurge, with a prediction of it hitting $10 trillion in ten years. Although people have shown skepticism about this, Lucid linked Cardano’s high rank in the October crypto project due to developer activity.

The author’s views are for reference only and shall not constitute investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing