- Cardano’s active addresses surged to a yearly high of over 76,000 amid its push to breach the $0.80 mark, dispelling “ghost chain” criticisms.
- Trade volume and futures Open Interest for Cardano saw substantial increases.
- Despite a slight decline in active addresses from the peak, Cardano continues to show ongoing efforts to retest the $0.80 price threshold.
Cardano’s (ADA) recent performance has caught the eye of the crypto community, as evidenced by a surge in market activity. With its active addresses soaring to a yearly peak exceeding 76,000, Cardano appears determined to challenge the $0.80 mark.
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In a remarkable display of resilience, Cardano has dispelled any lingering doubts about its viability, particularly those labeling it a ghost chain. Recent data from Santiment reveals a substantial uptick in daily active addresses, signaling a robust increase in network engagement.
This surge in activity coincided with ADA’s recovery efforts following a significant price dip on March 5, triggered by Bitcoin’s retracement affecting the broader market. Despite this setback, Cardano rebounded impressively, closing above $0.69 after plummeting to $0.5710.
The surge in daily active addresses, peaking at 76,455 on March 6, represents a notable 55% increase from the recent low recorded just days prior. This surge in market participation is mirrored by a substantial rise in trade volume, with ADA witnessing a 24-hour volume of $1.22 billion on March 6, significantly surpassing the February average.
Furthermore, Cardano futures Open Interest (OI) surged to $588 million on March 5, marking its highest level since April 2022. Despite a subsequent decline in active addresses, which currently stand at 57,598, the figure remains significantly higher than the previous month’s average. ADA’s recent attempt to breach the $0.80 price level was met with resistance at $0.7986, but currently trading at $0.7377, it appears poised for another attempt at this milestone.
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