Cardano (ADA) has been one of the standout performers in the crypto space over the past month, showing a remarkable surge in its price. Over the last 30 days, the price of ADA has more than doubled, and it is currently trading at its highest point of the year. As of now, Cardano has broken above the $0.77 mark set earlier in March, reaching new highs in 2024.

Large Holder Activity Boosting Cardano’s Price

A closer look at the driving factors behind this recent surge reveals that strong buying activity from large ADA holders, or “whales,” is playing a pivotal role. On-chain data provided by blockchain analytics platform IntoTheBlock highlights a 297% increase in large transactions on the Cardano network over the past two weeks.

The specific metric in question, known as ‘Large Transactions Volume in USD,’ tracks the total value of transactions greater than $100,000 within a 24-hour period. This increase in transaction volume reflects heightened interest from high-net-worth investors and institutional players, who are significantly influencing Cardano’s momentum.

On November 16, the Large Transactions Volume hit an impressive $28.43 billion, the highest figure ever recorded for Cardano. This surge underscores the growing activity on the network, as big players appear to be driving much of the market’s upward push.

What Does This Mean for ADA’s Price?

With large-scale holders heavily active in the market, ADA’s price has seen a significant upward trend. As of now, ADA is trading at $0.80, marking a 6.5% increase in the past 24 hours. This price point is the highest Cardano has seen since May 2022. The impressive rise in ADA’s price is supported not only by large investors but also by a surge in retail investor interest, with ADA’s trading volume jumping by 29% in just the last 24 hours.

The continued increase in large transaction volumes, combined with a solid rise in retail participation, paints an optimistic picture for ADA’s short-term future. On-chain data indicates that Cardano’s momentum shows no signs of slowing down.

Key Metrics Suggest Further Upward Momentum

Cardano’s current performance is impressive, especially when compared to other large-cap cryptocurrencies. The recent growth in transaction volumes and network activity suggests that Cardano could be on the verge of another uptrend. In fact, the next key price target for ADA is the psychological $1 mark. Many in the crypto space are watching closely to see if Cardano can maintain its momentum and break through this significant barrier.

Beyond the large transaction volumes, other positive indicators also contribute to the bullish outlook. Metrics like net network growth and positive sentiment in the futures market suggest that ADA’s price could continue to rise in the coming days.

The Future of Cardano: Optimistic Outlook

Cardano’s recent performance is one of the most compelling stories in the cryptocurrency market today. With an increasing number of large holders driving its price, Cardano seems poised to continue its upward trajectory. As the market shifts and adapts to these growing patterns, ADA could soon see new all-time highs.

For now, all eyes are on Cardano as it approaches the critical $1 level. Should it break through this milestone, it would be a significant achievement for the network and further solidify its place among the top cryptocurrencies.