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The price of Cardano ($ADA) may soon undergo a large upward movement as funding rates for the cryptocurrency on trading platforms are flashing bullish signals that could see its price keep on rising.
According to on-chain analytics firm Santiment, exchange funding rates are a “vital metric to keep an eye” as extreme spikes in traders longing or shorting ADA are “typically when traders get liquidated,” which leads to “big price shifts.”
A chart the firm shared noted that Cardano is “showing some surge signs” after moving up 25% over the last 10 days, suggesting it could keep moving up soon.
📈 #Cardano's price is back over $0.50, and up +25% the past ten days. Exchange funding rates are a vital metric to keep an eye on, as the extreme spikes in #shorting or #longing of $ADA is typically when traders get liquidated & big price shifts occur. https://t.co/HV3hjdvTaU pic.twitter.com/R80etteVnT
— Santiment (@santimentfeed) July 23, 2022
As CryptoGlobe reported, development activity for Cardano has managed to remain above that of other top cryptocurrencies over the past 30 days, even amid a cryptocurrency market recovery that saw its rival smart contract network Ethereum ($ETH) move up over 40%.
Cardano’s development activity high comes ahead of the launch of the Vasil hard fork, which is expected to deliver a “massive performance improvement” to the cryptocurrency’s network. The hard fork is a major upgrade that will involve four Cardano Improvement Proposals (CIPs).
As reported, a panel of cryptocurrency industry experts has predicted that the price of Cardano will explode to $2.93 by 2025, and to $6.53 by 2030, although experts believe that by the end of the year, the cryptocurrency will trade at just $0.63.
Earlier this month, an artificial intelligence-based price prediction model is suggesting that the price of Cardano’s native token ADA is going to surge to trade at $2.9 by September of this year, representing a significant increase from the cryptocurrency’s current price.
Santiment has notably also told users to keep a close eye on $XRP, as the cryptocurrency has seen a spike in transaction volume after seeing “several massive active address spikes firing off,” meaning there have been “massive dormant tokens shifting addresses.”
Moreover, the firm notes that the native token of Crypto.com, Cronos ($CRO) has “gone viral” after the company announced it’s eliminating Netflix and Spotify benefits for its Visa card holders.