Cardano price fails to recover despite hitting new all-time high in total value locked

The Ethereum-killer Cardano network hit a key milestone when its total value locked crossed $133.39 million. Despite high development activity and a new all-time high in TVL, Cardano price struggled to recover. 

Cardano price struggles despite key updates in the ecosystem

The on-chain activity on the Cardano network recently exploded. The Ethereum-killer hit a new milestone in terms of Total value locked. Cardano TVL crossed $133.39 million, a new high. 

Proponents consider this a key milestone for the Cardano network. However, this failed to fuel a bullish narrative for the altcoin’s price. Another key indicator, the Github commits, considered an indicator of development activity, is relatively high in the case of Cardano. 

Cardano network had 2,544 GitHub commits, implying developers are active and updating the Ethereum-killer’s code consistently. 

Analysts evaluated the Cardano price trend and predicted that $0.96 is a key level for the Ethereum-killer. @Phoenix_Ash3s believes that if Cardano price crosses $0.96, it will continue its uptrend, and below the key level, the altcoin trend would reverse. 

Based on data from IntoTheBlock, whale wallets holding between 100,000 to 1,000,000 Cardano have scooped up over 16,000,000 ADA within 24 hours. Accumulation by whales is a sign of a price rally in an altcoin. 

FXStreet analysts believe that Cardano price must break a key resistance level, and the altcoin could rally to $1.30.