Cardano News : TVL on the ADA Network Hits $555 Million Amid Growing Whale Interest

After an impressive rally since early November, the Cardano (ADA) price has been retesting the upper border of a megaphone weekly chart pattern. The large-cap altcoin, with a fully diluted valuation of about $45.5 billion and a daily average traded volume of around $4.4 billion, retraced around 25 percent in the past three days to trade about $1.01 on Tuesday, December 10, during the mid-London session.

As a result of the heightened volatility, more than $24 million was liquidated from Cardano’s leveraged market in the past 24 hours, mostly involving long traders. Additionally, Cardano’s Futures Open Interest (OI) dropped by over 26 percent to hover around $832 million at the time of this writing.

What’s Next for Cardano Price

Amid the ongoing altseason, catalyzed by the crypto cash rotation from Bitcoin (BTC), Cardano has emerged as a whales’ paradise in the recent past. Having lost the support level around $1.2, where 93k addresses purchased more than 2.5 billion ADA, the altcoin must hold onto the support level around $1 to avoid further bleeding towards 81 cents.

#Cardano is doing the same as it did in 2020, which is why I’m buying! Even if it dips down to $0.76, I’m buying more and plan to book profits between $4 and $6. pic.twitter.com/8ZKuRz7RqG

— Ali (@ali_charts) December 10, 2024

According to crypto analyst Ali Martinez, Cardano’s price has been following a similar fractal pattern to the 2020/2021 bull cycle. As a result, the crypto analyst highlighted that ADA will remain in a buy zone even if it drops below 80 cents.

Furthermore, Martinez is confident that ADA price will reach a new all-time high in this bull cycle, thus has set a target range of between $4 and $6.

Favoring Fundamentals

The recent rise of ADA is heavily bolstered by the victory of President-elect Donald Trump, whereby Cardano founder Charles Hoskinson has been working closely with the transition team to ensure crypto-friendly regulations.

The total value locked (TVL) on the Cardano network has risen to over $555 million and more than 54k daily active addresses.

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