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Cardano TVL skyrocketed to $98.29 million; analysts argue the ADA is undervalued

  • Total value locked on the Cardano network has skyrocketed to $98 million, hitting a new high. 
  • For the first time in fourteen months, analysts argue Cardano is undervalued, sharing a bullish outlook on altcoin. 
  • On-chain activity on Cardano exploded, surpassing 30 million transactions, as the number of smart contracts crossed 1000. 

The Cardano network hit a new milestone, processing over 30 million transactions on its blockchain. The Ethereum-killer’s Total Value Locked (TVL) climbed closer to $100 million with rising on-chain activity, fueling a bullish outlook among investors. The altcoin is currently trading at $1.19 according to data from coinmarketcap.com. 

Analysts argue Ethereum-killer Cardano is undervalued 

The Cardano network exploded with a spike in on-chain activity and processed over 30 million transactions. The increase in transaction count contributed to a TVL of $98 million, based on data from DeFi Llama. 

Insights in Cardano, obtained from Google’s data studio, reveal that the Cardano network has processed 30.4 million transactions, the network has 200,000 daily active addresses. The spike in activity is believed to have been caused by an increase in the number of decentralized applications on the Cardano blockchain, which recently surpassed 1000.

Cardano price has posted 14% gains over the past week, and renowned analysts affirm that the Ethereum-killer is undervalued. @ali_charts argues Cardano has not been this undervalued since the cryptocurrency bloodbath of March 2020. 

Market Value to Realized Value (MVRV) 365 days, an indicator that measures the profitability of addresses that acquired Cardano over the past year, suggests that holders are currently sitting on an average 26% loss. 

@GertvanLagen, a crypto analyst and trader, believes that Cardano price has tested its 2018 top multiple times; the next target is $5 before the end of May 2022. 

FXStreet analysts have evaluated the Cardano price trend and predicted that the altcoin could face a massive hurdle in its uptrend. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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