Cardano Activity Surges To New ATH, While ADA Price Bounces

Cardano is going great these days and the price is moving upwards as well. Crypto analytics firm Santiment digs into the charts to produce granular insights about a trio of altcoins.

Santiment first highlights decentralized blockchain platform Cardano (ADA) as seeing an impressive price increase while also noting that development activity on GitHub has surged to over 450 submissions per day.

“Cardano is one of many altcoins that have enjoyed a great start to the week, currently +13% in the past 24 hours,” according to the firm.

The same notes said:

“Development activity has hit all-time-high levels, as ADA’s team worked on innovating while prices were suppressed.”

Santiment next looks at decentralized oracle network Chainlink (LINK), pointing out that the number of big players in the world of crypto who hold more than 100,000 LINK has increased despite the altcoin’s lackluster price action.

“Chainlink appears to be middle of the pack today on a big altcoin recovery day, up +8.5%.”

The notes also reveal:

“Notably, we’ve seen that the amount of whale addresses holding 100,000 or more LINK has increased substantially, up +11.2%, despite the falling prices.”

Santiment notes that despite developer Andre Cronje leaving DeFi as well as YFI being down massively from its May 2021 ATH above $90,500, work continues on the project.

“YFI was once the DeFi darling in crypto, just one year ago. Now down -91% over the past year after its glory days of [Andre Cronje] posts pumping Yearn.Finance. The coin isn’t quite as abandoned by devs as you think.”

Bitcoin is trading in the red and the king coin is currently priced at $29,546.

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In a new strategy session, analyst Kevin Svenson said that a BTC rally is likely incoming after the top crypto asset by market cap printed nine consecutive red candles on the weekly chart.