In November, Cardano’s price is on the rise once again, and on-chain data indicates that large ADA holders are backing this upward trend. The ADA price up 3.35% to $0.339 on Nov. 5, its highest level in about four months.
Why is ADA price up?
The weekly performance for ADA price is nearly 17%, likely boosted by the two-day Cardano Summit 2023, held from Nov. 2 to Nov. 4.
🏆 #CardanoSummit2023 Gala Awards Dinner!
💥 Last night the #CardanoCommunity came together to celebrate a remarkable Summit and honor our industry’s shining stars at the Armani Pavilion, Burj Khalifa.
👏 Congratulations to all the deserving award winners! pic.twitter.com/zbz4t5GUhX
— Cardano Foundation (@Cardano_CF) November 5, 2023
The gains also come as part of an overall market rebound that started Oct. 19 when Grayscale Investments refiled its Bitcoin ETF application with the U.S. Securities and Exchange Commission (SEC).
Since then, ADA’s price has risen by more than 40%. The ADA/USD pair is also seeing tailswinds from several additional factors listed below.
>> Also read: Ripple: XRP price prediction for the weekend
Cardano whale transactions jump
The recent increase in Cardano’s price is in line with a significant uptick in transactions involving large holders.
On November 4, the number of transactions valued at over $1 million reached 1,742, marking its highest level since January 2022, as reported by on-chain data source Santiment. This surge in whale transactions coincided with a decrease in the daily active addresses for ADA.
The increase in whale transactions during the price rally reflects a strong buying sentiment among the wealthiest Cardano investors. At the same time, the decline in daily active addresses as prices rise suggests that investors of various sizes are inclined to hold their positions.
Cardano DeFi TVL is soaring
Another positive sign is the continuous increase in Cardano’s total value locked (TVL).
By October 31, Cardano had achieved a record TVL of 680.76 million ADA, based on data from DefiLlama. A high TVL suggests a robust liquidity pool, making the network more appealing to investors searching for greater incentives and rewards.
Cardano price: technical breakout
ADA price up also comes as part of a broader technical breakout. Notably, ADA’s price successfully broke out of its prevailing falling wedge pattern on Oct. 1, as shown below.
Falling wedges are considered bullish reversal patterns. Typically, the target for a rising wedge pattern is determined by measuring the widest gap between its upper and lower trendlines.
In this context, it suggests that Cardano’s price is potentially set to surge to around $0.359 in November, representing an increase of approximately 5.5% from its current price levels.
You can buy ADA here: https://fmcpay.com/vi/exchange-sport/ADA_USDT
>> Also read: Solana Price Skyrockets: 80% Surge Puts $50 in Sight