Cardano (ADA) whales have been actively purchasing the cryptocurrency in anticipation of a breakout, resulting in an increase in large transactions on the blockchain. This surge in activity is occurring as Cardano approaches the apex of a daily descending triangle, which could potentially trigger another bull rally. The Cardano network has been experiencing notable growth, thanks to the development of the Hydra Head protocol and the Mithril protocol. These solutions have helped Cardano compete with other blockchains like Solana and BSC. Currently, the Cardano network has a Total Value Locked (TVL) of approximately 677.2 million ADA, equivalent to around $341 million. The network also hosts several highly-rated decentralized financial (DeFi) protocols, including Indigo CDP, Minswap DEX, and Liqwid Lending protocol. Additionally, Cardano is playing a significant role in real-world asset tokenization, providing investors with access to global markets. On-chain data analysis reveals a significant increase in large Cardano transactions in recent days, indicating a bullish outlook for the cryptocurrency. The overall volume for these transactions has also spiked, further boosting confidence in ADA. As for the ADA price, the cryptocurrency has been consolidating in a descending triangle and is expected to experience an imminent breakout. With the current on-chain activity and the upcoming altcoin season, ADA is well-positioned to rally towards $1.2 in the near future. Despite a recent 18% drop, ADA is currently trading at (see chart below).
