Analysis of the Cardano network by IntoTheBlock reveals that despite the difficulties in expanding its user base, the number of addresses holding a balance has shown consistency, hovering around 4.45 million for an extended period. Additionally, the network's transaction count and active user base have displayed stability since April, pointing to a dedicated and committed community supporting Cardano.
With Cardano settling a substantial daily on-chain volume of $7.2 billion and boasting a low Network Value to Transactions (NVT) ratio of just 2.62, there are suggestions that its native token might be undervalued compared to other networks. The notable presence of long-term holders, who possess nearly 40% of the total ADA supply, reflects a high level of confidence in the network's potential and resilience, especially in the face of competition from platforms like Solana and Base.
Notably, recent data from IntoTheBlock indicates a 2% increase in large transaction volume and a significant surge of 20% in daily active addresses. Transactions exceeding $100,000 have also seen a rise, from 288 to 337 transactions in the past 48 hours. Despite experiencing a 58% drop since its peak in March, Cardano has shown resilience and potential, with traders observing a bullish pennant formation and a hidden bullish divergence in the 3-day Relative Strength Index (RSI) that suggest the potential for a bullish reversal in the future.