TLDR
- ADA price has surged to $0.837, marking its highest point in 2024
- Large transaction volume spiked 297% in two weeks, reaching $22.56 billion
- Futures Open Interest hit $735 million, highest since November 2021
- Whale transactions increased 145% over the past month
- Cardano’s DeFi TVL approaching all-time high at $490.7 million
Cardano (ADA) has marked a notable milestone in 2024, with its price reaching $0.80, representing its highest level since May 2022.
The digital asset has shown remarkable strength in recent trading sessions, experiencing a 6.5% increase in the last 24 hours alone.
Market data reveals an unprecedented surge in large transaction volume, with a 297% increase over the past two weeks. The total value of these large transactions has reached $22.56 billion, indicating substantial activity from wealthy investors and institutional participants.
On-chain metrics paint a clear picture of growing institutional interest. The blockchain analytics platform IntoTheBlock reports that the Large Transactions Volume metric, which tracks transactions exceeding $100,000, hit a record high of $28.43 billion on November 16, marking the highest recorded value to date.
The surge in trading activity extends beyond large holders. Retail trading volume has also seen a marked increase, with daily trading volume climbing to $2.31 billion, representing a 29% increase in just 24 hours.
Futures market data provides additional evidence of growing market confidence. Open Interest in ADA futures contracts has reached $735 million, its highest point since November 2021. This metric has risen steadily from $585.37 million earlier in the week, suggesting increased trader participation and market optimism.
Whale activity has become particularly noteworthy, with transactions from large holders increasing by 145% over the past month. Data indicates that wallets holding $10 million or more in ADA have expanded their positions considerably during this period.
The surge in price and activity coincides with growing development in Cardano’s DeFi ecosystem. According to DeFiLlama, the Total Value Locked (TVL) in Cardano’s DeFi protocols has reached $490.7 million, approaching its all-time high and indicating increased utility of the network.
Technical indicators support the current upward trend. The MACD indicator on the 24-hour chart shows the MACD line crossing above the signal line, typically interpreted as a bullish signal. The rising histogram further supports this positive momentum.
The Bull Bear Power indicator remains in positive territory, suggesting buyers currently maintain control of the market. This technical signal aligns with the observed increase in buying pressure and overall market sentiment.
Price data shows ADA trading at $0.80, marking a new high for 2024. This level represents a doubling in price over the past 30 days, breaking above the March high of $0.77.
Daily trading volumes have reached a seven-month high of $52.26 billion, while whale transactions have hit a six-month peak, indicating broad-based participation in the current rally.
Market watchers note that the $1.00 level represents the next psychological barrier, aligning with the 61.8% Fibonacci retracement level. This price point could prove crucial for determining future price movement.
Chart analysis reveals ADA’s movement within an ascending price channel over several years. The price has consistently bounced off the lower boundary before testing upper levels, suggesting a pattern of accumulation followed by breakout phases.
The recent increase in futures Open Interest from $585.37 million to $735 million marks the highest level since November 2021, indicating growing confidence among derivatives traders.
Price action has been particularly strong against other large-cap cryptocurrencies, with ADA outperforming its peers in recent trading sessions. The combination of rising volume, increasing large holder activity, and growing futures open interest suggests sustained buying pressure in the market.
