- Santiment is suggesting Cardano is seeing high positive sentiment on social media.
- On-chain analysis revealed a decline in active addresses and TVL.
Cardano is in a bearish trend since early December 2024. ADA price is trading within a downward channel and making lower highs. The price has attempted to reverse the current trend and break the critical level of $1.5 but failed. This shows that the bears are dominant and unwilling to give up on the trend.
However, the on-chain analytics platform Santiment is suggesting bullish signals for ADA. In their latest X post, they highlighted that Cardano’s crowd sentiment hit the highest bullish mark in over 4 months. On comparing the positive and negative data, they find over 3.5 positive comments per 1 negative comment towards ADA. This is the highest ratio observed since the week of October 30 to November 6.
In the X post, Santiment wrote,
“Specific altcoins like Cardano are seeing high positive sentiment on social media. Aided by the fact that the SEC classified $ADA’s use case as “smart contracts for government services”, the altcoin’s community has pushed up bullishness to its highest rate in over 4 months.”
Cardano (ADA) On-chain Data Revealed Interesting Facts
According to On on-chain analytics platform Artemis, Cardano’s daily active addresses have been in decline mode since mid-January. Its price is following the same. On 17 January, ADA daily active addresses were 47.4k with a price of $1.1, and currently, it stands at 20.7k with the price of $0.71.
On the other hand, the total value locked is also in the declined mode. In January, Cardano TVL was $578.9 million and currently at $329.3 million. The decline suggests that investors are selling their assets and their confidence in ADA has also declined in the last 3 months.
Cardano shows mixed signals with high social sentiment but declining on-chain metrics. ADA has remained in a bearish trend since December 2024, failing to break $1.5 resistance despite positive community sentiment on social media. If ADA wants a comeback, it needs strong buyer support or a positive event to act as a catalyst for a price increase.
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