cardano (ADA) has exhibited some highly volatile price action lately. ADA has gained more than 50% since the start of 20232 and is trading at $0.3778 with a market cap of $13.1 billion.
However, Cardano is recently facing a strong resistance near the $0.40 levels. Analyst interpreting IntoTheBlock’s data Ali MartinezWhales, worth anywhere between 1 million and 10 million, purchased 150 million ADA worth $57 million last month.
Ali Martinez also underlined the importance of a strong selling wall in the price range between $0.40 and $0.42. According to the analyst, if this level is exceeded, the probability of a bull rally will increase and the obstacles in front of it will be minimized.
Cardano Network Developments Continue
According to the latest developments, Cardano blockchain and wallet users will soon be able to access EVM smart contracts. Milkomeda, a network that connects other blockchain platforms to EVM contracts, made the announcement last week. Sebastien Guillemot, CEO of Milkomeda, noted:
“Cardano will be the top EVM chain next month. Milkomeda will enable all Cardano users to use ADA for EVM contracts directly in any wallet. This will make the network one of the largest EVM chains in terms of number of users.”
Sebastian also added that the Cardano blockchain will be the largest EVM chain with staking rewards fully operational.
You can follow the current price action here.