Cardano Surpasses 111 Million Transactions Amid Bullish Sentiment

Cardano has achieved a significant milestone by surpassing 111 million transactions on its network. This surge in transaction volume indicates a growing interest and activity within the Cardano ecosystem, which could be a precursor to a bullish trend. The increase in transactions suggests that more users are engaging with the Cardano network, utilizing its smart contract capabilities and decentralized applications. This heightened activity is often seen as a positive indicator for the platform's long-term growth and adoption. As the number of transactions continues to rise, it may attract more developers and investors, further bolstering the ecosystem.

The Cardano ecosystem continues to expand steadily, with 2,005 active projects and 1.33 million delegated wallets, showing sustained interest in staking. Smart contract development is also accelerating, with 138,996 Plutus scripts and 7,682 Aiken scripts deployed. On-chain governance shows momentum, as DReps have increased to 1,377, with 976 currently active. The developer engagement has also surged by 27%, with 259 GitHub commits last week. In the past 67 days, the Cardano network has handled 276 billion ADA in transactions worth around $165 billion based on average market prices. This highlights Cardano’s strong on-chain activity.

Cardano community sentiment also hit a 30-day high, with 93.8% of users feeling bullish. Despite the short-term price swings, the confidence in the project remains strong. Over 22 billion ADA is now staked, which represents more than 62% of Cardano’s circulating supply. This strong staking activity reflects deep community trust and long-term confidence in the Cardano network. Brave Browser, which integrated Cardano in beta, now has over 91 million monthly users. Its support for Cardano and the upcoming Midnight sidechain highlights growing utility and reach beyond the blockchain.

According to the analyst's forecast, a veteran crypto analyst has expressed a bullish outlook on Cardano, saying that it is “screaming for higher levels.” Another crypto analyst recently shared that a daily close above $0.67 could trigger a strong rally for Cardano, pushing it into the $0.83–$0.91 range. It is currently trading at $0.5732, down 1.6% in the last 24 hours. Cardano’s bullish sentiment is echoing its epic 2020 rally. Analysts say that the current setup feels similar and if ADA breaks above $0.80, another big move could be on the horizon.