Cardano (ADA) bulls continue to defend the $0.30 price support level amid the flat momentum in the broader altcoin market. On-chain data suggests that holders are consolidating their position rather than placing large bets. What next for ADA price in the coming weeks? 

Cardano (ADA) price entered double-digit gains to reclaim $0.35 after Ripple’s much-heralded victory against the SEC. A closer look under the hood shows that ADA transaction volumes have soared to new heights over the last 3 months.

As the regulatory concerns surrounding Cardano are now easing up, top crypto exchanges Coinbase and Kraken have announced plans to relist ADA. Will it propel ADA price to new heights in H2 2023? 

Cardano Transaction Volume Hits a 3-Month Peak

Despite the turbulent price action and widespread regulatory FUD in recent months, Cardano, quite remarkably, has maintained steady growth in transactional activity. 

On-chain data rendered by Santiment reveals that it reached a 3-month Transaction Volume peak of 12.16 billion ADA on July 20.

This is 19% and 30% higher than the previous monthly peaks of 10.61 billion and 9.77 billion ADA recorded in May and June 2023, respectively.

Transaction Volume measures the real-time changes in the level of economic activity that users carry out on a blockchain network. When it rises, it signifies a growing demand for th

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Author: Ibrahim Ajibade

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