Cardano (ADA) to $0.7? First Mega On-Chain Validation Spotted

Cardano (ADA) has achieved a unique on-chain validation, as showcased by the impressive surge in its Daily Active Addresses (DAA) metric. According to data from crypto analytics platform IntoTheBlock, this Cardano metric has jumped by 12.87% to 47,930 over the past 24 hours.

This metric is particularly important as it shows any potential for a price rally is not inflated but backed by active demand from members and users of the Cardano protocol. The IntoTheBlock data revealed that the daily active addresses jumped from 41,500 as of Dec. 31 to 52,330 as of Jan. 2.

In the same upshoot trend, the number of addresses with zero balance fell from 20,350 as of Dec. 28 to 17,860 on Jan. 2. This metric shows there is an active accumulation of ADA by users across the board.

This accumulation hints at the potential readiness of Cardano to build on its most recent momentum to chart a new uptrend moving forward. At the time of writing, Cardano was trading for $0.6, down by 4.20% in the past 24 hours to reflect the general trend of the market. With this drawdown serving as a rare discount boost, ADA might be building momentum for a rally that might eventually push its price toward the $0.7 price mark.

Focusing on what matters

As far as Cardano Foundation and Input Output Global (IOG) are concerned, building the right scalable network is what matters, and that is the focus for this year.

The protocol recorded an impressive development trend in 2023, and IOG hopes to build on the milestones recorded, capped by the launch of the Midnight Protocol in the fourth quarter of last year. Besides maintaining a very robust developer ecosystem, Cardano will seek to build on its strategic product releases to bootstrap the adoption of Cardano and demand for ADA.

Source