The price of Cardano (ADA) has shown significant growth, increasing by 135% in just three weeks. This follows active investor interest and rising decentralized finance activity.
Sharp Rise in Cardano's Price
In three weeks, Cardano's price rose from $0.37 to $0.87, facilitated by a breakout from a falling wedge pattern. A breakout above the $0.89 resistance may confirm a bullish reversal, with potential upward movement to $2.30.
Open Interest and DeFi Activity
Open interest in Cardano has reached a record high of $1.74 billion, an increase of a billion since early July. This indicates a rising positive sentiment among investors. Meanwhile, DeFi activity surged by 72% this month, reaching $400 million.
Future of Cardano and Market Expectations
In the coming weeks, an audit report from the Cardano Foundation is expected, which could influence market sentiment. Allegations of misused ADA tokens are under review, and a favorable outcome could bolster investor confidence and support the ongoing rally.
The price increase of Cardano and record open interest confirm heightened investor interest as well as activity in decentralized finance. The forthcoming audit report may be a key factor in the near future.
