Cardano (ADA) Continues Attracting Significant Crypto Attention Thanks to Heightened Whale Activity
- DDDOriginal
- 2024-09-21 06:10:37304browse
Based on a booming development space, the 11th-largest cryptocurrency based on market value recently scooped the price of being the altcoin with top-notch technology
Cryptocurrency enthusiasts continue to show great interest in ADA.
IntoTheBlock, a leading provider of on-chain metrics, recently highlighted a surge in transaction volume for ADA, reaching an impressive $6.08 billion. This significant activity is often attributed to institutional investors and whales.
In a recent study by Weiss, a prominent research company, ADA was recognized for its technological prowess among altcoins. The company's analysis, which included Solana (SOL) and Ethereum (ETH), awarded ADA the highest score of 76%, compared to 8.2% for SOL and 6.6% for ETH.
Cardano founder Charles Hoskinson recently suggested that ADA could achieve speeds faster than Solana once the Leios Upgrade is implemented.
Cardano's technological innovation is evident in its use of Ouroboros, a unique proof-of-stake (PoS) mechanism that splits chains into epochs to verify transactions.
Furthermore, the ADA ecosystem fosters innovative solutions through extensive research and peer review, led by renowned academics in the field.
As investor interest in ADA continues to grow, speculation arises regarding a potential trend reversal for the cryptocurrency.
The DApp Analyst, a well-known market researcher, suggests that ADA may be setting up for a move towards the $0.7 price level, based on the presence of a falling wedge on its weekly chart.
A falling wedge is a chart formation that typically indicates an upcoming bullish move.
According to data from CoinGecko, ADA had risen by 9% over the past two weeks and was trading at $0.35 at the time of writing.
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