Cardano’s Token ADA Price Hits 4-Month High After Price Surge

Cardano’s native ADA token reached its highest price in over four months on November 5th, surging to $0.339. This represents a gain of more than 7% in a single day.

The price jump comes on the heels of the two-day Cardano Summit 2023 event which generated significant enthusiasm for the project. The summit was held from November 2nd to 4th and boosted awareness of Cardano’s ongoing development.

Keypoints

• Cardano’s ADA token hit a 4-month high price of $0.339 on November 5, up over 7% in one day.
• The price surge comes after the 2-day Cardano Summit 2023 event which generated enthusiasm.
• ADA’s price is up nearly 18% over the past week and over 30% in the last month.
• The increase coincides with a rise in Cardano whale transactions over $1 million.
• Cardano’s total value locked (TVL) in DeFi has surged 39% in the past month, indicating growing utility.
• ADA price broke out of a falling wedge pattern, with technical targets around $0.359.
• The gains align with a broader crypto market rebound that started in mid-October.
• Historical data shows November is typically a good month for ADA, averaging 44.7% returns since 2017.

Over the past week, ADA has seen its price rise by nearly 18% amid a broader resurgence in the crypto markets. When looking at the previous month, ADA has made impressive gains of 30.1% as of November 5th.

Multiple factors appear to be contributing to Cardano’s bullish momentum right now. Data from on-chain analytics firm Santiment shows that the number of ADA whale transactions above $1 million recently hit 1,742. This suggests larger investors have been accumulating the token.

???? #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

Additionally, Cardano’s total value locked (TVL) in decentralized finance (DeFi) protocols has increased 39% over the past 30 days to reach $235.1 million. This growth in DeFi activity points to stronger utility and demand for transacting on the network.

On the technical front, ADA recently broke out from a falling wedge pattern that had restrained its price action for weeks. With the breakout, the chart points to potential continuation towards $0.359 which would represent a 5.5% gain from the current price level.

Cardano’s gains also align with a broader recovery in the crypto markets that started in mid-October. The rising tide has lifted all boats, with Bitcoin up 40% and Ethereum gaining 45% over the same period.

With positive sentiment, fundamentals, and technicals all aligned, Cardano seems poised to build on its recent 4-month high. According to historical data, the month of November has seen average returns of 44.7% for ADA since 2017. If this trend holds, Cardano could be in for more substantial gains ahead.