Cardano ADA has seen a remarkable surge in its price, hitting $0.3413 today, marking its highest level in approximately four months. The cryptocurrency has been on an upward trajectory throughout November, with a notable 17% gain in the weekly chart, supported by ADA whales, as indicated by on-chain data.
This surge in Cardano’s value aligns with a significant increase in whale transactions. On November 4, the number of transactions exceeding a million dollars in value reached 1742, a level not seen since January 2022, according to on-chain data from Santiment.
Interestingly, this surge in whale activity coincided with a decline in Cardano’s daily active addresses, suggesting that large investors are bolstering the rally while smaller investors may be adopting a hold-and-wait approach.
Cardano’s total-value-locked (TVL) has also been on the rise, reaching a record high of 680.76 million ADA as of October 31, according to DefiLlama’s data. A high TVL indicates a healthy liquidity pool, making Cardano an attractive network for those seeking greater incentives and rewards.
Bullish Outlook For ADA
Cardano bulls have been making the most of the bullish sentiment that has prevailed since early October, particularly following the recent breakout above the $0.3 level. If ADA can maintain its position above this threshold, it may continue its upward trajectory in the coming weeks.
Historical data provides an interesting perspective on Cardano’s performance in November. On average, the cryptocurrency has seen a monthly return of 43.5% this month, but the median monthly return tells a different story, with a decline of -2.5%.
Looking back over the past five years, only one November saw a notable positive result, with an 84% gain. As such, ADA holders are facing two potential scenarios for November: a robust surge to $0.41 per token or a dip to $0.279 per ADA.
However, according to data from Pricepredictions, Cardano’s technical analysis suggests a bullish trend in the long term, predicting a price increase of $0.00625 over the next seven days, reaching $0.34788 by November 12, 2023. In the short term, machine learning algorithms suggest a neutral trend, with the possibility of a slight increase and a chance of a minor decrease in the coming hours.
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