Cardano’s native cryptoasset ADA has seen impressive price action over the past month, delighting investors with sustained momentum. According to analysis from leading Cardano data trackers, the widespread growth experienced by the network provides fundamental backing for ADA’s bullish price performance.
New data reveals Cardano set a new all-time high for wallet creation in February, with over 4.6 million wallets now populated on the blockchain. This represents a staggering 90% surge in a single day, underscoring explosive mainstream adoption. The new addresses suggest hundreds of thousands of new users have embraced Cardano in recent weeks.
Beyond mere numbers, the profile of these additions is also encouraging. While smaller wallets saw marginal percentage declines, larger investors increased their holdings considerably. Wallets containing between 1 to 10 million ADA grew over 1%, and those holding 10 to 100 million swelled by an even larger 2.14% – a sign that big players remain committed.
Such a diverse mix of investor sizes establishes Cardano as an increasingly robust ecosystem catering to varied budgets. With almost a third of ADA tokens locked away in long-term “strong hands”, the platform also enjoys devoted backers confident in its prospects. This augurs well for stability.
According to Source, Technically ADA has achieved a series of higher lows and is eyeing a breakthrough $0.68 barrier. A “cup and handle” pattern could see ongoing upside towards $1.16 initially. Support rests at $0.59, potentially offering a re-entry point. Overall it seems Cardano is firing on all cylinders as the bull market rages on. With unflinching growth and bullish structure coinciding, ADA’s recent price appreciation appears well-backed.
