Cardano (ADA) Network Transaction Skyrockets – Bullish Takeover Imminent?

Christian Encila

Last Updated: May 3, 2023 9:10 am

3 mins read

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Cardano weathered the storm of a tumultuous April, marked by market turbulence and regulatory challenges, and emerged with a glimmer of growth. Despite the obstacles, the blockchain platform’s native cryptocurrency, ADA, managed to hold its ground and even make some notable gains along the way.

The recently released monthly report for April by Cardano has shed light on some intriguing developments regarding the network’s activity. The update offers insights into various aspects of Cardano’s performance during the month of April, presenting a comprehensive overview of the platform’s progress.

Here’s what’s up with Cardano:

Network Activity Shows Positive Growth Despite Challenges

Cardano’s latest monthly report for April indicates that the network experienced a healthy uptick in transaction activity, with a 2.49% increase to 65.6 million transactions and a 1.19% growth in the number of wallets.

The report reveals that simple transactions made up the majority, accounting for 49% of total transactions, while smart contract transactions grew by 30% and metadata made up the rest. The report suggests that Cardano’s increasing utility is driving significant growth.

#Cardano On-chain Stats 🚀

Let’s keep growing #CardanoCommunity! 💪 pic.twitter.com/6Ct5iGW67k

— Cardano Foundation (@Cardano_CF) May 1, 2023

However, despite the positive network activity, ADA’s price has seen a decline in the past 24 hours, trading at $0.3875, a drop of 0.34%. The cryptocurrency’s bearish performance has continued, with a further drop of 2.43% in the past seven days.

It remains to be seen how Cardano’s growth in network activity will affect ADA’s price in the long term.

ADA Positive April 1st Half Followed By Market Decline

Meanwhile, aside from the network activity growth, Cardano’s monthly report also highlighted ADA’s impressive performance in the first two weeks of April, with a 23% price gain. However, the cryptocurrency then experienced a significant decline, losing almost all of the gains it had made.

ADA total market cap at $13 billion on the daily chart at TradingView.com

Despite this, Cardano’s total value locked (TVL) experienced a healthy increase, growing from a low of $138.61 million at the beginning of April to a high of $171.3 million. The TVL did experience a dip in the latter half of the month, settling at $152.90 million, but remained above its April low. Its current TVL is at $149.72 million.

Source: Defillama

Investors should keep an eye on the potential for an extended downside if the support level proves weak. An unstable support level could lead to a retest of the mid-term support range of $0.35-$0.36.

At the time of writing, ADA’s RSI had slipped below the mid-level, and the MFI showed signs of outflows, indicating potential further declines in the short term.

-Featured image PrimeStone

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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