The total value locked on the Cardano blockchain hit a new all-time high (ATH) on March 4th and as it closes on $140 million. The ninth biggest crypto is currently host to $139.79 million, as per data from Defillama.
The accumulation is especially visible among wallets with 1-10 million ADA coin holdings. According to the statistics, wallets in this category have increased their balances exponentially so far in 2022, swelling their holdings from 8.09 billion to 12.19 billion ADA.
On the first day of spring, the total amount of ADA coins on 1-10 million sized wallets reached a record high of 12.47 billion.
Accumulation continues.The balance held by addresses with 1m-10m $ADA has grown exponentially in 2022, from 8.09b to 12.19b ADA On March 1 it reached a new ATH of 12.47b ADA held by these addresses.@Cardano data: https://t.co/8ME8STegu5Use the code idbcardano to sign up pic.twitter.com/haJuPHObSm— IntoTheBlock (@intotheblock) March 3, 2022
A majority of the assets locked on Cardano are contributed to the decentralized exchange SundaeSwap (SUNDAE). The exchange has witnessed an increase of more than a 65% over the past month, and currently holds $118.7 million worth of assets, as of this writing.
Price Struggles
Despite the new milestones reached in terms of TVL, Cardano’s price has been strugging to recover and break the $0.96 resistance level, which could potentially lead to a trend reversal should ADA manage to break past it.
Cardano tested the $0.99 level on Tuesday, March 1st, but lacked the strength for a further rally. ADA’s price decreased by more than 13% through the last three days, hitting $0.86 on Friday 4th.
Cardano (ADA)’s current price is hovering at similar levels as seen in February 2021. Cardano had rallied by 243% in 2021 to record an ATH of $3.09 on September 2nd, 2021, however ADA quickly slumped as the market struggled toward the end of the year, and is now 71.4% down from its record high at the time of publishing.
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