One of the leading crypto analysis firms IntoTheBlockstated that institutional investors continue to show interest in the global payment platform Cardano (ADA) and are buying in large volumes.
In a new post he shared on Twitter, he stated that the volume of ADA’s on-chain transactions exceeding $100,000 increased 50 times in 2022 alone.
“Yesterday, a total of 69.09 billion ADA traders were traded in these large transactions, representing 99% of the total on-chain volume.”
Cardano (ADA) As it is known, it is an important platform that supports ADA, the local token for global payments. However, Cardano does not just support the ADA token. Cardano is a platform that allows people to send and receive money instantly and for low fees. The platform also allows developers to create smart contracts and decentralized applications.
The Ethereum (ETH) rival has been on a hot streak lately after months of bearish price action. ADA has managed to gain more than 12% in the last seven days and nearly 29% from where it was priced a month ago.
The 8th-ranked crypto-asset by market cap was trading at $1.20 at the time of writing, gaining 0.52 percent in the last 24 hours. ADA is still trading less than 61% from its all-time high of $3.09 in early September last year.
Closely followed crypto analyst Michael van de PoppeNoting to his 579,100 Twitter followers, Cardano may be about to face price resistance.
“Getting liquidity and moving to upward resistance here. It could go up to $1.45 but not for long here.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.