• Cardano has recorded a high ratio of the volume of on-chain transactions in profit in the past few weeks
• On-chain data revealed the altcoin is not well-primed for a price rally

Cardano [ADA] has seen its ratio of on-chain transaction volume in profit to loss spike in the past few weeks, as per data from Santiment. This metric stood at 0.848 at press time, meaning ADA profit-taking transactions happened almost twice as fast as loss-taking transactions. 

Read Cardano (ADA) price prediction for 2023/2024

According to Sanbase, this on-chain metric tracks the aggregate amount of coins/tokens across all transactions on the network that moved in profit or loss for a given asset in an interval. It also shows the ratio between transaction volume in profit and transaction volume in loss.

Towards the beginning of July, ADA’s ratio of on-chain transaction volume in profit to loss rallied to a high of 1.54.  The last time the indicator surged this high was two months ago. 

While the ongoing growth of this metric meant that many ADA traders logged profits on their transactions, a price correction might follow when so many traders are only moving their coins when in profit, with only a few recording losses.

To gear up for a price correction or not

Trading at $0.2942 at press time, ADA’s value declined by 22% over the last 30 days, according to Go to Source to See Full Article
Author: Abiodun Oladokun

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