Cardano (ADA) Price Surge and Market Performance

Cardano (ADA) has been making waves in the cryptocurrency market with a remarkable 20.29% price increase over the past seven days. This surge in price comes at a time when many cryptocurrencies are experiencing a green movement, and ADA has been leading the charge.

The trading volume for ADA has seen a significant spike since hitting a low of $0.335 on July 8, allowing it to outperform many other large market-cap cryptocurrencies. The primary reason behind ADA’s price surge can be attributed to large on-chain transactions that have taken place in the past week.

Cardano is currently outperforming the market and is expected to continue its positive momentum into the weekend and beyond. The cryptocurrency started its upward trend on July 8, coinciding with crucial updates to the upcoming Chang hard fork, a pivotal moment for the Cardano blockchain.

Cardano founder Charles Hoskinson recently announced that the upgrade to node 9.0, essential for the Chang hard fork, is nearly complete. This development has played a significant role in boosting investor confidence in ADA.

At the time of writing, ADA is trading at $0.4249, representing a 32% increase from its monthly low. On-chain data from IntoTheBlock shows a notable increase in whale activity on the Cardano blockchain, with large holders increasing their holdings by +27.53% in the past seven days.

Looking ahead, ADA could continue its upward trajectory if it breaks above minor resistance at $0.43. Failure to do so could lead to a bearish scenario, with ADA potentially reversing its gains. The weekend’s price movement will be crucial in determining ADA’s performance next week, with a potential test of resistance at $0.515 on the horizon.

Overall, Cardano’s recent price surge and positive momentum have positioned it as a cryptocurrency to watch in the coming days. With the entire crypto market turning positive, ADA could be set for further gains in the near future.