Cardano (ADA) had pleased its investors with a significant uptrend towards the end of last year. However, in the past month, it has shown both upward and downward trends, causing visible confusion in ADA’s price sentiment.
The Latest on Cardano (ADA)
In addition, recent activities on the Cardano network could pave the way for ADA to remain more stable in the positive zone. According to emerging data, 81,000 transactions were successfully completed on the Cardano network in the last 24 hours. There was also a noticeable increase in the number of daily active addresses conducting transactions on the network.
This increase in activity could be interpreted as a sign of growing adoption of the Cardano blockchain. This could open doors for more users, investors, and developers to prefer the network.
Moreover, this influx of people potentially transitioning to the Cardano network and achieving higher levels of activity could have a positive impact on the price, allowing ADA to aim for higher targets.
The State of DeFi on Cardano (ADA)
When considering the increase in activity on the Cardano network, the decentralized exchanges (DEXs) within the Cardano ecosystem stand out. In particular, the recent surpassing of 1.04 million ADA in daily transaction volume by Cardano DEX Spectrum has attracted significant attention.
This surge in decentralized exchanges continues to highlight Cardano in the decentralized finance (DeFi) sector. Following the surge, there was a noticeable increase in Cardano’s Total Value Locked (TVL).
Interpreting the increase in TVL, it could be seen as an indication of a rise in the amount of assets and liquidity staked and used within the Cardano ecosystem. This suggests that Cardano’s DeFi network is growing day by day.
The Outlook for Cardano (ADA)
While positive developments in the DeFi sector are evident, they do not seem to have reflected as much on Cardano’s NFT side. There was a noticeable decrease in NFT sales on the Cardano network last week. The volume of NFT sales fell by 16.30%, and the number of transactions for purchasing Cardano NFTs also dropped by 83.58%.
The decline in Cardano NFT activities seems to shed light on the current situation of users and artists who create NFTs and prefer platforms hosting Cardano.
Discussing Cardano’s price, ADA has shown a relatively good performance in the last 24 hours, increasing by 3.64% to $0.5567. The trading volume has also increased by 21% in the last 24 hours, surpassing $500 million.