• The resistance at $0.53 might prevent ADA from rallying.
• Cardano’s volume dropped while social dominance increased.

The value of Cardano [ADA] has fallen by 18.45% since the year began, CoinMarketCap data showed.

However, AMBCrypto’s assessment of the price tracking platform showed that the price jumped by 3.60% in the last 24 hours. This increase ensures that ADA was back above $0.50.

Despite the rise, on-chain data revealed some interesting things that happened on the Cardano network. The first one was with the 24-hour active addresses.

Activity takes a backseat

According to Santiment, the active addresses increased to 45,000 on 1st of February. However, press time showed that the metric had plummeted, and was at 40,400.

Active addresses show the number of wallets involved in incoming and outgoing transactions. Though not always, a jump in active addresses is mostly bullish for a cryptocurrency. Therefore, one can assume that the recent decline puts Cardano at risk of a short-term decline.

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Author: Victor Olanrewaju

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