Analysis by IntoTheBlock suggested Cardano’s On-Chain Metrics Signal Optimism with Stable Transactions, Rising Volume, and Whale Activity

According to the analysis that was carried out by IntoTheBlock, the Cardano network has demonstrated “positive trends” throughout the year 2023 across a number of on-chain metrics. These metrics include the examination of transaction count, transaction volume, and addresses in profit, among others.

The report’s top-level highlight stated that the transaction count and volume “stand out clearly.”

Cardano transactions

During this bear market, the number of Cardano transactions has remained relatively stable, rising by 33.5 percent from mid-April’s annual lows.

The graph below depicts an upward trend in transaction volume since the beginning of the year, resulting in a 205 percent increase year-to-date. This likens to more than 26 billion ADA executed everyday.

“Recently, there was a notable peak in daily transaction volume, reaching a three-month high with 98,000 transactions in a single day.“

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Other key points

The majority of addresses, at 73%, are holding losses at the current price, while 22% of addresses are in profit and 5% are breaking even.

Since reaching its all-time high of $3.10 in August 2021, the price of ADA has significantly decreased. The coin has been somewhere in the range of $0.25 and $0.46 starting from the beginning of this current year.

The research platform came to the conclusion that the majority of users who are maintaining losses do so in anticipation of a forthcoming price revival.

“The ADA token has faced some significant capitulation in recent months, but a majority of users are still holding strong in anticipation of a price increase.“

Concerning from enormous holders, it was noticed that the 30-day change saw a +1,510% expansion in inflows – proposing whale gathering in play. Additionally, the majority of activity relates to inflows, as shown in the chart below.

Referencing the new arrival of Hydra, IntoTheBlock doesn’t anticipate that it should have a quick effect.

On May 4, the Hydra layer 2 scaling solution was made available on the mainnet. It empowers engineers to make smaller than usual blockchains, or heads, for handling information off-chain. This reduces load on the main chain and speeds up processing time.

On-chain metrics, such as the stable transaction count, rising transaction volume, and whale accumulation, were found to indicate positive trends.