Cardano The price continues to make a name for itself by continuing to maintain its impressive upward movement. ADA continued its rise in the last 24 hours and reached $0.46 for the first time this year. Although the price has had difficulty exceeding this level throughout this year, it continues to present a positive outlook as it represents the highest level.
Although Cardano has attracted a lot of criticism this year, it has succeeded in breaking this negative outlook with its rise. While multiple on-chain data showed growth in underlying data, daily volume increased by 61% to $803,194,826. This shows the interest of investors in ADA.
An interesting shift in Cardano’s performance occurred in whale transaction volume as measured by IntoTheBlock. The data presented showed this volume at $16.24 billion, an increase of 33.65%. While the whale’s actions demonstrate the attractiveness of Cardano, the 22.24% jump in Daily Active Addresses makes the health of the protocol quite holistic.
At the time of writing, more than 55,600 addresses are active on the network.
Will Cardano Price Exceed $0.5?
Cardano has arguably suffered one of the biggest losses during the crypto winter that is currently breaking. While December has pointed to a good outlook for ADA so far, the price remains skeptical as to whether it can break above $0.5.
December has already started on a good note, and a sustained attempt to maintain the uptrend could help push the price to this impressive level for the first time since December 2022. This dramatic push can be noted with its wide range of innovative decentralized applications (dApps), community activities and general industry trends.