Cardano 
$1 (ADA) has entered a corrective phase following a significant rally. Last week, ADA stood out as one of the top-performing cryptocurrencies, leading to new analyses on its market behavior. Various fundamental on-chain metrics suggest that Cardano might be on a path towards the one-dollar mark.
Factors Supporting Price Increase
Cardano is known for its active community and extensive ecosystem. This vibrancy is reflected in its on-chain metrics, as there has been an increase in whale transactions, trading volume, and daily active users.
According to crypto analysis platform IntoTheBlock, whale transaction volume for ADA surged by 34%, reaching 11.64 billion dollars. Despite its relatively low price, ADA continues to attract whales. Over the last 24 hours, more than 8,900 transactions occurred, moving 26.91 billion ADA.
ADA’s Journey Towards One Dollar
IntoTheBlock data indicates that the number of Daily Active Users (DAU) for Cardano has also increased. The DAU, which reflects the number of users executing or validating transactions, rose by 17.33% to reach 44,460 addresses. Although these figures have not yet impacted the price directly, they may help ADA maintain a strong position around the 0.4 dollar level. During this writing, ADA trades at 0.4399 dollars, experiencing a 1.99% decline over 24 hours, oscillating within a narrow range of 0.4289 to 0.4499 dollars.
This price level marks one of the highest seen since mid-July and can be interpreted as a corrective sign on the way to one dollar. Having surged by 24.81% last week and by 31% since the beginning of the month, ADA remains 85% below its all-time high of 3.10 dollars. Nonetheless, many supporters believe that ADA can revisit its former peak.
The Cardano ecosystem is currently undergoing significant changes. The Chang Hard Fork and updates are reshaping ADA’s outlook. With increasing global developments and demand for decentralization, interest in ADA is expected to rise. Should demand increase, ADA might approach its one-dollar target.
Additionally, the Cardano community supports the potential nomination of Charles Hoskinson as crypto advisor to former U.S. President Donald Trump. If realized, this could lead to a major upward wave for ADA.
Current on-chain data and strong community support make the one-dollar target achievable for Cardano. However, market dynamics and global economic conditions may influence this process. Observing developments and considering risks is crucial for participants in the market.
