Key Developments
- Transaction activity on the Cardano network has grown significantly, moving from around 30,000 to 50,000 in just weeks.
- The spike comes as excitement builds ahead of the SEC’s decision on a spot ADA ETF.
- On-chain data is showing strength, with ADA’s price moving upward alongside these metrics.
The rise in activity signals increased confidence among users and investors, fueled largely by the possibility of an exchange-traded fund focused on Cardano. The crypto community is closely watching the SEC, which is expected to make its decision by May 29.
According to TapTools, the number of daily transactions jumped steadily throughout May, reaching a new local high. At the same time, trading volume across the network spiked to nearly $685 million in a single day. These figures helped lift ADA’s price nearly 8% since the start of the month.
“We’re seeing clear momentum as anticipation builds,”
one analyst noted.
During the climb to 50K transactions per day, ADA’s market price jumped roughly 5% over the last week alone. While short-term data looks strong, broader sentiment is also leaning bullish.
The probability of an ETF approval has soared on prediction platforms, reaching 71%. An official green light from regulators could trigger a wave of institutional participation, similar to what was seen with Bitcoin and Ethereum ETFs earlier this year.
ADA Eyes Higher Ground
With the SEC decision approaching, whale wallets have begun loading up. Reports suggest nearly $680 million worth of ADA has moved off centralized exchanges, signaling a long-term bet on upside potential.
Some traders are now pointing to the $3 range as a potential target, especially if the ETF is approved. A few more optimistic predictions even suggest a run to $4.50—though that would require breaking through key technical levels.
Adding to the bullish case, developer activity on Cardano is currently outpacing that of Ethereum and Solana, signaling deepening network engagement. There’s even talk of ADA overtaking USDC in market cap—a milestone that could shift dynamics in the broader crypto landscape.
As May 29 nears, all eyes are on Cardano.
Disclaimer: This content does not constitute trading or investment recommendations. It’s essential to conduct your own research before purchasing any cryptocurrency or investing in any services.
