Cardano's native token ADA has experienced a significant price surge, reaching nearly $0.40, its highest in a month. The token's <a href="https://app.intotheblock.com/coin/ADA" target="_blank" rel="nofollow noopener">market</a> capitalization briefly spiked to $14 billion, positioning it as the 11th-largest cryptocurrency by market cap. This recent price action reflects growing investor interest and improved on-chain metrics.
<h3>Positive Metrics Driving ADA’s Growth</h3>
[embed]https://twitter.com/CryptoBullet1/status/1838203038202298775[/embed]

Several key metrics have contributed to ADA’s price surge. The “In the Money” indicator, which tracks the number of investors in profit, rose by 10.5%. Currently, 31% of ADA holders are in profit, a significant improvement from the early August crash when only 0.35% of holders were in the green.

Additionally, large transaction volumes, defined as transactions exceeding $100,000, saw a sharp increase. On September 25, <a href="https://www.cryptoknowmics.com/news/canada-invokes-emergencies-act-that-targets-crypto/" target="_blank" rel="noopener">ADA’s transaction</a> volume reached $6.6 billion, up 12% in just 24 hours. This growth indicates rising interest from institutional investors or large-scale traders.

Another bullish signal comes from ADA’s low NVT (Network Value to Transactions) ratio, which currently sits at 2.7. A low NVT suggests that ADA is undervalued and could be poised for further growth.
<h2>Potential Correction Looming</h2>
Despite these positive trends, ADA's Relative Strength Index (RSI) indicates that the asset may face a correction soon. The RSI, a tool that measures price momentum, spiked to 81 on September 24, signaling overbought conditions. Typically, an RSI above 70 suggests that a price pullback could be imminent.

Analysts remain divided on ADA's future. While some predict further growth, potentially reaching $1.80 in 2024, others warn that a correction could send the token back down to around $0.15.

<em><strong>Disclaimer: </strong></em>The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Cardano's ADA Hits Monthly High Amid Strong Market Metrics

ADA reaches a monthly high of $0.40, driven by strong transaction volumes and a low NVT ratio. RSI warns of potential price correction.

Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more
than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

Cardano's ADA Hits Monthly High Amid Strong Market Metrics

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