- Cardano’s ADA token price rose 5% over the past 24 hours to $0.7362 on November 18th
- The Cardano Foundation’s 2023 financial report revealed spending details on adoption, education, and operational resilience
- Increasing on-chain activity and total value locked on the Cardano network are boosting ADA’s price
Cardano’s ADA token has been on the rise recently, gaining over 5% in the last 24 hours. A few key factors are driving the bullish momentum behind this top 10 cryptocurrency.
Cardano Foundation discloses 2023 figures
On November 13th, the Cardano Foundation published its financial report for 2023, highlighting key investments made in adoption, education, and operational resilience.
The report revealed that the Foundation spent $129.2 million on adoption efforts, including launching Aiken, an open-source programming language for Cardano. It invested $41.8 million in education through initiatives like the Cardano Summit 2023 and Cardano Academy.
The Foundation also closed out 2023 with asset holdings valued at $478.24 million, including $825.39 million worth of ADA tokens.
Increasing on-chain activity boosts ADA price
Cardano’s network activity continues to grow, with nearly 100 million transactions processed to date. There are now over 1.3 million delegated wallets and nearly 2,000 projects building on Cardano.
Total value locked (TVL) on Cardano has also jumped 101% recently to $470.7 million as of November 18th. This increasing utility and demand is driving up the price of ADA.
ADA bull flag targets $1.11
From a technical perspective, ADA has formed a bull flag pattern on the 4-hour chart following a sharp price increase. This suggests the rally may continue to $1.11, which would mark a return to April 2022 levels.
ADA’s daily RSI is still in neutral territory, indicating the chance of a major pullback is relatively low in the short term.
In addition, sentiment analysis is growing within the Cardano community every day. Speculation on various rumors, such as a government partnership, collaboration with Ripple XRP, and more, is increasing the interest of ADA investors, both new and old. In conclusion, things are starting to look bullish for ADA.
