Cardano’s daily transactions surge as on-chain data signals growing activity, with SEC nearing a decision on Grayscale’s ADA ETF approval.
The daily transactions of Cardano have attained a record high of 50,000, which is fueled by positive fundamentals such as the potential for an ADA ETF. The ADA price is experiencing a surge due to the positive on-chain metrics, and traders are monitoring for a potential price breakout.
ADA ETF Prospects Drive Daily Transactions to 50,000
Cardano’s daily transactions have increased by 50,000 from their previous lows, as indicated by an X post from TapTools. Daily transactions were below 30,000 at the beginning of May; however, they increased consistently to establish a new monthly record. The volume of Cardano transactions has also increased significantly in the past day, reaching $684.6 million. Since the beginning of May, the price of Cardano has risen by nearly 8% in the network’s metrics.
The ADA price has increased by 5% in the past seven days due to the drive to 50,000 transactions. Although on-chain data presents a favorable picture of Cardano, a birds-eye view of fundamentals provides a more comprehensive understanding.
The enthusiasm for the approval of spot ADA ETF has attained a zenith before the May 29 deadline. The approval odds for PolyMarket have increased to 71%, and the US SEC will announce its decision on May 29. A tide of institutional interest in ADA, comparable to the successes of spot Bitcoin and Ethereum ETFs, will be initiated by an SEC approval.
The Cardano price is anticipated to reach a breakthrough at $3
Whales are amassing ADA in anticipation of a rally as the ecosystem awaits the US SEC’s final decision on a spot ETF. Cardano Feed data affirms that $680 million in ADA tokens were removed from exchanges, indicating optimistic sentiments regarding the asset. Cardano Feed suggested that ADA could be on the verge of reaching its previous high of $3.
At the same time, Coingape’s previous price analysis indicated that the Cardano price could increase sixfold from its current level to establish a new all-time high. To accomplish the rally, the ADA price must surpass an ascending parallel pattern, which will cause prices to rise to $4.50.
Investors anticipate a price increase that other metrics, such as primary developer activity, will drive. This metric indicates that Cardano surpasses Ethereum and Solana, which suggests that network activity is increasing. Pundits are currently contemplating the possibility of ADA surpassing USDC in market capitalization and the subsequent effect on the price of Solana.
