- Cardano’s TVL is up 4.53% in the past 24 hours
- However, ADA’s RSI did not seem to support the TVL update and was in the neutral zone at the time of going to press
from Cardano [ADA] performance over the past 30 days was equal parts up and equal parts down. The network and the altcoin have seen healthy growth recently thanks to Cardano’s high number of transactions.
However, the Cardano ecosystem had a lot more going on in the background. As of May 23, Cardano’s Total Value Locked (TVL) appeared to be turning parabolic according to Cardano Feed’s latest tweet. This meant that a significant number of investors put their ADA on the line.
BREAKING: $ADA #Cardano Total Value Locked goes parabolic! pic.twitter.com/5aA1U4jtKT
— Cardano Feed ($ADA) (@CardanoFeed) May 23, 2023
Read Cardanos [ADA] Price Forecast 2023-24
A moment of celebration
Data from intelligence platform DeFiLlama showed that ADA’s TVL was $158.16 million as of May 23. The TVL saw an increase of 4.53% in the past 24 hours. Additionally, the number of active users on the network stood at 63.31k at the time of writing.
Although the number of active users was lower than on May 21, it has hovered around the same number for the past two days. This could be considered a bullish story for the altcoin as more and more users were willing to stake their ADA.
Source: DeFiLlama
Despite the increase in TVL, the long/short ratio was what looked worrying for ADA. At the time of writing, ADA’s long/short ratio favored short-term traders over long-term traders. At the time of writing, short-term traders held 54.85% of positions compared to 45.15% of long-term traders.
At the time of writing, the long/short ratio stood at 0.8232.
Source: mint glass
Reversal in the charts?
According to data from intelligence platform Santiment, ADA’s statistics didn’t exactly seem optimistic. The number of ADA holders experienced a steady increase from May 23, but only increased after falling around mid-April. However, the weighted sentiment witnessed a significant increase, which was a good sign for the network.
On the contrary, ADA’s development activity took a hit, falling from its high of 94.39 to 79.02. This indicated that developers were not contributing enough to making developments on the network.
Source: Sentiment
At the time of writing, ADA was trading hands at $0.371 and the bullish narrative seemed to reach ADA as it moved into the green. Additionally, ADA was trading 0.68% higher in the past 24 hours and 1.28% higher in the past seven days according to data from CoinMarketCap.
How much are 1,10,100 ADAs worth today?
Additionally, according to additional data from CryptoQuant, ADA’s Relative Strength Index (RSI) was in a neutral zone at 55. This indicated that ADA’s price could move into the overbought zone in the face of higher buying pressure.
Source: CryptoQuant
Thus, traders may want to keep an eye on ADA’s TVL to assess any further uptick in bullish momentum in the coming days.
