Cardano attains an ATH in this key metric; will ADA price hit $1?

The Cardano (ADA) network has seen substantial surges in user engagement within the past month. Cardano-based DEX Danogo revealed intensified user activity within the blockchain, propelling active wallets to record highs.

Data showed addresses interacting with the Cardano network increased by over 40% in the past month to over 600K, double the lowest number recorded in the previous 30 days.

Meanwhile, the increased user engagement in Cardano coincides with a flourishing decentralized finance sector and creator-friendly developments. DeFiLlama shows ADA’s total value locked jumped towards the $500 million mark.

The TVL across DeFi platforms on the Cardano network has witnessed notable growth over the past month, with lending protocols and decentralized exchanges dominating with double-digit increases.

ADA price outlook

Cardano traded at $0.7295 at press time, up 27% on its 30-day price chart. However, the ADA’s recent performance appears dull compared to other top alts. It lost around 0.81% and over 3% in the past week and day, respectively.

Nonetheless, proponents expect the magnified user engagement to trigger a breakout from ADA in the upcoming sessions, eying the $1 mark.

Broad market sentiment and blockchain developments suggest more upswings for ADA.

Cardano founder Charles Hoskinson announced plans to onboard Hyperledger’s FireFly API to boost building and web3 app scaling on the network. That will likely lead to enhanced throughput and scalability.