The Santa rally that we have seen in crypto over the last few days has lifted most coins. Kadena (KDA) has not been left behind. The chain, which hopes to compete with Ethereum, has soared. But can the coin maintain this momentum, and where will it go next? Well, here are some highlights first.
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Kadena (KDA) is on bullish momentum at the moment and has posted 7-day gains of nearly 55%.
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At the time of writing, the coin was trading at $16.07, up 16% in intraday trading and with a market cap of around $2.6 billion.
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Kadena (KDA) is also seeing surging 24-hour trading volume. At press time, trade volumes over 24 hours were up 83%.
Data Source: Tradingview.com
Kadena (KDA) – Price action and analysis
The lift that we have seen this week as far as Kadena (KDA) goes is not surprising. First, the broader crypto market has posted gains during the Santa rally. Secondly, alternative chains to Ethereum have seen a major uptick in recent days not just in the price action but also in trading volume.
Just like Kadena (KDA), coins like Solana (SOL), Polkadot (DOT), and Avalanche (AVAX) are all seeing massive 7-day gains. It’s not evidently clear if Kadena (KDA) can surge beyond $25 and reclaim its November highs. But in the short term, we could realistically see this uptrend pushing KDA above $20.
Should you buy Kadena (KDA)
Well, if you are thinking of long-term value, then Kadena (KDA) is a good buy. In fact, the coin is trading way below its all-time highs for the year, and as such, it still offers a decent dip to get in.
Also, the protocol has added several new features on its platforms, including the ability to yield farm on Ethereum based decentralised exchanges. With the increased utility, the value of Kadena (KDA) is going to increase over time.
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