The Cardano network has shown “positive trends” throughout 2023 across several on-chain metrics, according to the analysis conducted by IntoTheBlock, including the examination of transaction count, transaction volume, and addresses in profit, among others.

A top-level highlight of the report noted that transaction count and transaction volume “stand out clearly.”

Cardano transactions

The Cardano transaction count has been relatively stable during this bear period – posting a 33.5% increase from yearly lows around mid-April.

Cardano transaction count
Source: @intotheblock on

In terms of transaction volume, the chart below shows an uptrend since the start of the year – leading to a year-to-date increase of 205%. This equates to over 26 billion ADA transacted daily.

“Recently, there was a notable peak in daily transaction volume, reaching a three-month high with 98,000 transactions in a single day.

Cardano transaction volume
Source: @intotheblock on

Other key points

Analysis of addresses in profit revealed 22% are in profit, 5% are breaking even, while the majority, at 73%, are holding losses at the current price.

The price of ADA has sunk significantly from its $3.10 all-time high in August 2021. The coin has been between $0.25 and $0.46 since the start of this year.

The research platform concluded that most users, who are holding losses, continue to do so in the expectation of a coming price revival.

The ADA token has faced some significant capitulation in recent months, but a majority of users are still holding strong in anticipation of a price increase.

Cardano addresses in profit
Source: @intotheblock on

Regarding netflow from large holders, it was noted that the 30-day change saw a +1,510% increase in inflows – suggesting whale accumulation in play. The chart below also highlights that the majority of activity relates to inflows.

Cardano whales
Source: @intotheblock on

Mentioning the recent release of Hydra, IntoTheBlock does not expect it to make an immediate impact.

The Hydra layer 2 scaling solution was released on mainnet on May 4. It enables developers to create mini-blockchains, or heads, for processing data off-chain. This quickens processing time and takes load away from the main chain.

It was concluded that on-chain metrics point to positive trends, particularly the stable transaction count, rising transaction volume, and whale accumulation.

The post On-chain Cardano analysis highlights ‘positive trends’ appeared first on CryptoSlate.

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