Crypto
Cardano Price Breaks Out of Multi-Week Consolidation Range
Cardano's price has finally broken through a multi-week consolidation range and moved above $0.20, a key threshold for traders.
The ADA price had been stuck in a tight range between approximately $0.15 to $0.18 since July, but it managed to break out of this range at the beginning of August.
The move was driven by several factors, including Cardano's upgrade roadmap, with developers preparing for the Ouroboros Leios upgrade that targets up to a 50× increase in transaction throughput.
Large holders have also been accumulating ADA, with more than 240 million ADA accumulated during a recent five-day period, and wallets holding at least 1 million ADA now control 67.47% of the circulating supply, the highest level since July 2020.