- Cardano recorded 5.62K large transactions in December, signaling high network activity.
- ADA’s price is resilient, nearly $0.70, as trading volume surged by over 44% in 24 hours.
- Analysts suggest ADA could reach $1.50 if transaction momentum regains its recent peaks.
The Cardano token continues to exhibit volatile network activity, signaling the potential for a recovery toward $1.50. The coin is trading at $0.7023, reflecting a 0.13% increase over the last 24 hours, according to CoinMarketCap. With a market cap of $24.71 billion and a fully diluted cost of $31.6B, ADA remains one of the most actively traded assets. Its continuous supply of 35.198 billion, out of a maximum total of 45 billion, further highlights the adoption of its environment.
Source: CoinMarketCap
Large Transactions Correlate with Price Action
On-chain data from IntoTheBlock shows that big transactions have played an important role in ADA’s movements. Over the past three months, the number of transactions peaked, with December 26, 2024, recording the weekly high at 5.62K. Conversely, the weekly low of 4.17K transactions were recorded during the same week, reflecting fluctuating demand. Within the last 24 hours, 4.73K large trades were processed, showcasing investor interest despite recent price volatility.
Source: Intotheblock
Interestingly, spikes in transaction activity coincided with market peaks. In late November and early December 2024, ADA reached $1.25 to $1.50, driven by increased whale and institutional participation. However, declining transaction volumes in late December corresponded with ADA’s dip below $0.75, underscoring the importance of large transactions in maintaining upward momentum.
Rising Volume Signals Renewed Optimism
ADA’s 24-hour trading volume surged by 44.60%, totaling $775.75 million, with a volume-to-market-cap ratio of 3.12%. This increase reflects heightened liquidity and growing investor interest. The price started at $0.7011, fluctuating through dips and recoveries before consolidating near the $0.70 mark. This resilience indicates market support, even as volatility impacts short-term movements.
Related: Virtune Launches Avalanche and Cardano ETPs in Finland
Outlook: Will ADA Hit $1.50?
The consistent activity in large transactions, coupled with growing adoption and ecosystem developments, supports predictions of ADA reaching $1.50. Historical patterns suggest that if large transaction volumes regain their November 2024 peaks, the price could follow a similar trajectory. Moreover, ADA’s fundamentals and steady on-chain metrics show its potential to achieve this milestone.
