TVL on the ADA Network Hits $555 Million Amid Growing Whale Interest
After experiencing an impressive rise since early November, Cardano (ADA) price has been retesting the upper bounds of the Megaphone Weekly chart pattern. This large-cap altcoin, which has a fully diluted valuation of approximately $45.5 billion and average daily trading volume of approximately $4.4 billion, has retraced approximately 25% over the past three days and was trading in mid-London on Tuesday, December 10, at approximately $1.01 Dollar. Meeting.
As volatility increased, more than $24 million was liquidated from the Cardano leveraged market in the past 24 hours, with the majority involving long traders. Additionally, Cardano futures open interest (OI) is down more than 26% and hovering around $832 million at the time of writing.
What’s next for Cardano price
Amid the ongoing altcoin season, Cardano has become a whale’s paradise of late, catalyzed by Bitcoin’s (BTC) crypto-cash rotation. After losing support around $1.2, where 93,000 addresses purchased over 2.5 billion ADA, the altcoin must hold on to support around $1 to avoid further losses towards 81 cents.
Cryptocurrency analyst Ali Martinez said Cardano’s price has been following a similar fractal pattern to the 2020/2021 bull cycle. Therefore, crypto analysts emphasized that even if ADA falls below 80 cents, it will remain in the buy zone.
In addition, Martinez believes that ADA price will reach an all-time high during this bull market cycle, so he has set a target range between $4 and $6.
Favor fundamentals
President-elect Donald Trump’s victory has given a major boost to ADA’s recent rise, and Cardano founder Charles Hoskinson has been working closely with the transition team to ensure crypto-friendly regulation.
The total value locked (TVL) on the Cardano network has risen to over $555 million, with over 54,000 daily active addresses.
