Cardano (ADA) price declined 5% in May. On-chain data shows that the bullish investors have started June 2023 on the front foot. With transaction volumes spiking to new highs, ADA looks set to deliver a positive performance in June. 

Transactional activity on the Cardano network has been rising since the native Djed stablecoin was launched back in March 2023. And on June 1, it reached a new 2023 peak. 

With whale investors also increasing their trading activity in recent weeks, how much could this impact ADA price? 

Cardano Transaction Volume has Hit a New Peak

On June 1, 102,860 confirmed transactions were recorded on the Cardano blockchain network. This represents a 70% increase from what was recorded on May 1. 

The chart below shows that the total transactions on May 31 stood at 105,000. The last time Cardano transaction activity reached these heights was in December 2022. 

When the economic activity on a blockchain network increases at this rate, it signals that the underlying native coin is in demand. If Cardano can sustain this ground-breaking level of traction, ADA could gain enough bullish momentum to scale the $0.40 resistan

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Author: Ibrahim Ajibade

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