Cardano Daily Transactions Surge Past 50,000 Amid ETF Approval Hopes
Cardano (ADA) is experiencing a notable increase in on-chain activity, with daily transactions surpassing 50,000, up from under 30,000 in early May. Key points include:
- Transaction volume rose 6% to $692 million in the last 24 hours.
- $680 million worth of ADA tokens have exited exchanges, indicating a trend toward self-custody.
- The US SEC is expected to decide on a spot ADA ETF by May 29, with approval odds at 71% according to Polymarket.
- ADA's current price is around $0.75, having increased by 5% over the past month.
- A potential breakout around mid-June could lead to significant price increases.
Technical indicators show that if ADA breaks above $0.80, it may target $0.88 and $1.00 quickly. The RSI indicates bullish potential, while Bollinger Bands suggest consolidation. The MACD shows signs of short-term weakness.
ADA price with RSI and Bollinger Bands | Source: TradingView
ADA price with MACD | Source: TradingView
Additionally, Bitcoin Bull ($BTCBULL), a new meme coin, is gaining attention due to its presale and reward structure linked to Bitcoin's market valuation:
- Token price: $0.00253
- Funds raised: $6.47 million
- Payment methods: Card payments, crypto
- Ticker: BTCBULL
The BTCBULL presale has already raised over $6.47 million, with an anticipated price increase in two days.