Introduction
Cardano (ADA) is a popular cryptocurrency that has been gaining traction in recent months. However, like many other cryptocurrencies, ADA has been affected by the recent bearish market conditions. In this article, we will take a look at the on-chain data for ADA to see what it can tell us about the current state of the market and the potential outlook for ADA in the near future.
Key Findings
- All-time high for ADA at $39.
- Circulating supply of ADA and network analysis shared.
- Wallets holding over 1 million ADA on the rise, indicating strong accumulation.
- Liquidations in the last 24 hours and exchange breakdown.
- Total value locked (TVL) in ADA at $72.5 million, showing significant growth.
- Analysis of ADA price charts, potential double top, and target levels.
- Bearish outlook for ADA in the macro perspective.
- Weekly chart analysis and target areas discussed.
Discussion
One of the most encouraging pieces of data is the fact that the number of wallets holding over 1 million ADA has been on the rise. This indicates that there is a significant amount of accumulation taking place, even in the midst of a bear market. This is a positive sign for the long-term prospects of ADA.
Another positive sign is the growth in the total value locked (TVL) in ADA. The TVL is a measure of the total value of assets that are locked in smart contracts on a particular blockchain. The growth in the TVL suggests that there is a growing interest in using the Cardano blockchain for decentralized applications (DApps).
However, it is important to note that the macro outlook for ADA is bearish. The overall cryptocurrency market is in a bear trend, and ADA is not immune to this trend. It is possible that ADA could continue to decline in the short term, even if the on-chain data is positive.
Conclusion
Overall, the on-chain data for ADA is mixed. There are some positive signs, such as the accumulation from large wallets and the growth in the TVL. However, the macro outlook for ADA is bearish, so it is important to be cautious when trading ADA in the short term.
