This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Cardano (ADA) is showing bullish signals in its on-chain metrics, coinciding with the Cardano Summit 2023 in Dubai. This has attracted the attention of investors and enthusiasts, prompting the question of whether it’s a good time to buy the cryptocurrency. On-chain data from analytics firm Santiment reveals a surge in ADA address activities and large transactions, which haven’t been seen in over three months. ADA has experienced a remarkable 36% surge in the past two weeks and a 9% increase in its market valuation in just one day. Moreover, approximately 61% of ADA holders have been holding their tokens for over a year, indicating a strong long-term investor base. The large holder concentration is currently at 29%, suggesting that a significant portion of the supply is held by fewer addresses. However, it’s important to note that the majority of ADA holders (74%) bought the cryptocurrency at higher price levels and are currently “out of the money.” Despite this, transaction volume remains strong, with over $22.56 billion worth of transactions exceeding $100,000 recorded in the last 7 days. The positive on-chain metrics align with the ongoing Cardano Summit 2023 in Dubai, which is expected to generate further positive sentiment and potentially impact ADA’s price. The summit features over 100 speakers from the blockchain industry, multiple stages, an exhibition space, and masterclasses, making it a significant gathering of blockchain enthusiasts and developers. The topics covered include operational resilience, blockchain infrastructure, regulatory issues, and increasing blockchain adoption. Currently, ADA is trading at $0.318, with a 2.55% intraday jump. The surge in trading volume indicates short-term optimism, supported by technical indicators such as the Moving Average Convergence Divergence (MACD) showing a rising trend. If ADA can break through the $0.325 resistance level, it may trigger a breakout rally that could take it to $0.40. However, a sharp reversal from $0.325 could lead to a retest of the $0.30 mark. While short-term volatility may persist, the long-term outlook for Cardano appears promising, and investors and enthusiasts should closely monitor the market dynamics.