According to the market intelligence platform, new data suggests Cardano is setting the stage for a move to the upside as weekly on-chain transactions have soared by more than 1,700% since January.
“Cardano is still seeing rising on-chain transaction volume despite its suppressed market value compared to its April local top. Utility plays an important role in any bounce, and this combined with adequate ADA social dominance, is still promising.”
Cardano is trading for $0.25 at time of writing, down 0.3% in the last 24 hours.
Santiment also notices that network activity is picking up for Ethereum, indicating that a price bounce may be