Analyst Reveals ADA Is “Sleeping” While Cardano’s TVL Increases

Analyst Reveals ADA Is “Sleeping” While Cardano’s TVL Increases

The well-known crypto influencer and analyst, Dan Gambardello took to Twitter earlier this morning to share some of his own observations about ADA. According to the post, Cardano’s Total Value Locked (TVL) is going “parabolic”, but despite this, the ADA price still seems to be” sleeping” on this.

Cardano total TVL (Source: Twitter)

Many of the commenters on the post pointed out that a high TVL does not necessarily equate to a price increase for the crypto. Gambardello replied that although this is not the case in the short term, it’s a reflection of blockchain growth, which will then eventually reflect in the price of ADA.

Yesterday, most of the top 10 cryptocurrencies were trading in the red, but as the new week has arrived, this is not the case anymore. Now, almost all of the top cryptos are in the green, although not by much. One of these cryptos is Cardano (ADA).

Cardano / Tether US 1D (Source: TradingView)

CoinMarketCap indicates that ADA is currently trading hands at $0.3418 after a 0.36% increase in price over the last 24 hours. The altcoin was also able to reach a high of $0.3527 and a low of $0.3372 over the same time period. ADA still has some work to do in terms of its weekly performance as the altcoin is only on the green by about 0.26% over the past seven days.

The Ethereum-killer’s 24-hour trading volume is currently in the green zone, and now stands at $310,671,691 after a more than 4% increase since yesterday. With its market cap of $11,880,738,619, ADA is ranked as the 7th biggest crypto in terms of market capitalization.

One of the possible reasons why the price of ADA has not yet really responded to the TVL metric could be that people are waiting for the interest rate decision that will be coming later this week.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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