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<p>Cardano (ADA) has experienced a remarkable rally this month, mirroring and even surpassing the broader crypto market’s momentum.</p>
<p>Following months of subdued performance, ADA’s on-chain activity has surged as well, as it decoupled from the altcoin pack.</p>
<h2 id="on-chain-metrics-show-significant-growth">On-Chain Metrics Show Significant Growth</h2>
<p>According to <a href="https://x.com/santimentfeed/status/1859104552189825401" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data</a> from popular on-chain analytic platform Santiment, the ADA transaction volume reached $52.26 billion this week, marking a 7-month high. Whale transactions, on the other hand, exceeded 8,900 for the second consecutive week and formed a 6-month peak.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">Cardano is decoupled from the altcoin pack, nearly matching its 8-month high. Its price ratio against Bitcoin is also nearing an 8-month high. The last time we saw this level of ADA transaction and whale volume was in June, just prior to a +26% burst in the ADA/BTC pairing. <a href="https://t.co/8EmEAySWaq" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/8EmEAySWaq</a></p>
 <p>— Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1859104552189825401?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">November 20, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>This momentum coincides with ADA’s price ratio against Bitcoin nearing an 8-month high. Historical trends show that similar spikes in transaction and whale activity last occurred in June, preceding an over 26% rise in the ADA/BTC pair. This decoupling from the altcoin market suggests a strong resurgence, further indicating bullish opportunities for ADA holders.</p>
<p>This surge in on-chain metrics is mirrored by a sharp rise in large ADA transactions. There’s been a sharp surge in large ADA transaction volume, which has risen by 297% over the past two weeks. Data <a href="https://x.com/ali_charts/status/1858937283287937145" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">revealed</a> that the total volume reached $22.56 billion on November 18, as ADA’s price climbed above $0.742. The 7-day high of $28.43 billion signaled heightened interest from institutional players or large holders.</p>
<p>Currently, ADA is trading near $0.83 after surging by almost 153% since November 5th – a pivotal moment in US politics – when Donald Trump was elected as president, a development widely regarded as a turning point for the crypto market.</p>
<p>The ongoing bull run has sparked bold predictions for ADA. As recently <a href="https://cryptopotato.com/bullish-cardano-predictions-as-the-ada-price-hits-two-year-high/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">reported</a> by <em>CryptoPotato</em>, a popular analyst, ‘CryptosRus’ predicted a $6 target by late 2025 if trends repeat. However, the latest rally hasn’t been without profit-taking.</p>
<h2 id="correction-soon">Correction Soon?</h2>
<p>A separate <a href="https://x.com/intotheblock/status/1858922476656619710" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">analysis</a> by IntoTheBlock revealed that the total number of Cardano addresses has dropped by 30,000 since November 5th. This decline suggests a wave of profit-taking by investors who capitalized on the rally, potentially cashing out after the token’s substantial upward movement.</p>
<p>Such activity could indicate short-term sell-offs, even as broader market sentiment remains optimistic about the crypto asset’s growth.</p>
<p>The post <a href="https://cryptopotato.com/cardanos-on-chain-activity-soars-as-ada-rockets-above-0-8/" rel="noopener noreferrer nofollow">Cardano’s On-Chain Activity Soars as ADA Rockets Above $0.8</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.</p>

Cardano’s On-Chain Activity Soars as ADA Rockets Above $0.8

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