Cardano Price Rises 18% in 7 Days, Hits Four-Month High
Cardano’s value has been on an upward trajectory in November, with whale investors contributing significantly to this rally, as indicated by on-chain data.
On November 5, Cardano (ADA) price rose 7.5% to $0.348808, marking the highest level in around four months.
According to data from CoinGecko, the price of ADA jumped 18% over the past week. This increase may be due to the Cardano Summit 2023, which was held from November 2-4.
Likewise, over the past fortnight, ADA prices have soared by 33.3%, a feat accompanied by a 9% growth in the coin’s market capitalization, as observed by the platform d Santiment on-chain analysis.
The same improvement was seen in Cardano’s monthly price action, with the coin seeing a 30.1% rise during this period, according to CoinGecko.
Analysts believe that factors such as increased whale and decentralized finance (defi) activities may have contributed to Cardano’s prices increasing.
The latest data from DeFiLlama indicates that the total value locked (TVL) of ADA increased to $235.1 million, representing a 39% increase over the last 30 days.
Interestingly, four of ADA’s largest defi projects, Indigo, Minswap, Liqwid, and Optim Finance, have all seen growth over the past four weeks, coinciding with the coin’s price increase.
Similarly, Santiment data shows a significant increase in whale transactions. On November 4, ADA transactions valued at over $1 million exceeded 1,740, the highest since the start of 2022.
This rise was accompanied by a decrease in Cardano’s daily active addresses, suggesting solid buying sentiment among the token’s largest holders.
The price improvement also aligns with a general market rally that began on October 19 when Grayscale Investments refiled its Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). From that point on, the price of ADA rose over 40%.
Additionally, ADA has consistently performed well in November, averaging 44.7% since 2017.
The token’s price recently surpassed the 200-day exponential moving average (EMA), aligning technical parameters to drive demand for ADA.
