In the third quarter, there was a decline in address activity on the Cardano network, one of the largest networks.
According to Messari analysts, the number of wallets sending and receiving daily transactions dropped by 29% in July-September, from 58,000 in the second quarter to 41,137.
As a result, commissions on the network also decreased by almost 30% from $0.13 to $0.10.
Although the underlying asset of the altcoin ecosystem, ADA, only saw growth in the fourth quarter, reaching $0.303 on November 2, it experienced a bottom at the start of September at $0.24.
However, in October, after a period of consolidation, the digital currency began to expand again and is now trading at its highest levels since August 2023.
With the RSI in overbought territory, experts predict a possible correction in the near future, with Cardano finding support at $0.25.
Meanwhile, open interest in ADA futures reached $130 million, indicating that investors are anticipating a rise in the cryptocurrency’s price after a potential correction.
