Cardano ADA is currently trading at 25 cents, in the support zone, and based on on-chain data, has demonstrated signs of a recovery.
Bitcoin and the larger crypto market came under heavy selling pressure shortly after the US SEC rejected all seven spot Bitcoin ETF proposals last Thursday. However, Cardano (ADA) on-chain activity is improving.
Cardano reported on-chain transaction volumes compared to the local top in April despite market conditions. Since late January, ADA weekly on-chain transaction volumes have increased 1,700%. The current ADA discussion rates show trader interest remains.
Utility is vital to any rebound, and $ADA’s social dominance gives it hope, reported Santiment.
However, Cardano’s DeFi ecosystem is also growing this year. Over $15 million in stablecoins and $35,000 daily active addresses on its DeFi protocols power its smart contracts ecosystem.
Defilama reports that Cardano’s total value locked (TVL) is $160.36 million, up from January 2023.
Also Read: Cardano (ADA) Price Prediction For 2023, 2024, 2025 AND 2030
Cardano (ADA) Price Forecast
Cardano’s ADA price has fluctuated between $0.25 and $0.40 in 2023. ADA is currently selling at 25 cents. The price of Cardano has tested a crucial support zone three times this year. Cardano’s price has seen lower losses compared to the cryptocurrency bear market of the previous year, suggesting a prolonged rebound that might lead to a return to its $3 all-time high.
However, if Cardano’s bullish momentum fails to protect the 25 cents support zone, cryptocurrency experts expect the price to fall below 18 cents in the following weeks.
Total Value Locked (TVL) and on-chain activity are rising in Cardano’s smart contract ecosystem. The network’s usefulness and trader interest suggest a recovery to its All-Time High (ATH) despite short-term price challenges.