The post Cardano News : TVL on the ADA Network Hits $555 Million Amid Growing Whale Interest appeared first on Coinpedia Fintech News
After an impressive rally since early November, the Cardano (ADA) price has been retesting the upper border of a megaphone weekly chart pattern. The large-cap altcoin, with a fully diluted valuation of about $45.5 billion and a daily average traded volume of around $4.4 billion, retraced around 25 percent in the past three days to trade about $1.01 on Tuesday, December 10, during the mid-London session.
As a result of the heightened volatility, more than $24 million was liquidated from Cardano’s leveraged market in the past 24 hours, mostly involving long traders. Additionally, Cardano’s Futures Open Interest (OI) dropped by over 26 percent to hover around $832 million at the time of this writing.
What’s Next for Cardano Price
Amid the ongoing altseason, catalyzed by the crypto cash rotation from Bitcoin (BTC), Cardano has emerged as a whales’ paradise in the recent past. Having lost the support level around $1.2, where 93k addresses purchased more than 2.5 billion ADA, the altcoin must hold onto the support level around $1 to avoid further bleeding towards 81 cents.
According to crypto analyst Ali Martinez, Cardano’s price has been following a similar fractal pattern to the 2020/2021 bull cycle. As a result, the crypto analyst highlighted that ADA will remain in a buy zone even if it drops below 80 cents.
Furthermore, Martinez is confident that ADA price will reach a new all-time high in this bull cycle, thus has set a target range of between $4 and $6.
Favoring Fundamentals
The recent rise of ADA is heavily bolstered by the victory of President-elect Donald Trump, whereby Cardano founder Charles Hoskinson has been working closely with the transition team to ensure crypto-friendly regulations.
The total value locked (TVL) on the Cardano network has risen to over $555 million and more than 54k daily active addresses.