Cardano (ADA) price’s recent performance has sparked optimism among investors, with the cryptocurrency surging by 83% in the past week.
Surging to around $0.65, ADA has showed signs of bullish momentum as it approaches the key $1 price level.
This price target has become a focal point for analysts, as ADA’s historical performance in November and its recent surge in on-chain activity have contributed to rising market interest.
However, as of press time ADA bull rally had worn off with the price exchnaging hands at $0.532, a 10% decine from the intra-day high.
ADA/USD 1-day price chart (source: CoinMarketCap)
ADA Rally Surge Fueled by On-Chain Activity and Whale Transactions
Within the last 24 hours, ADA has processed more than $14 billion in value from whale accounts, which is a clear sign of institutional and large capital players coming into the network.
On-chain analysis of these high volume transactions indicates further upside as whale activity is often an indi
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