• Cardano’s Total Value Locked (TVL) surged by 4.53% in the last 24 hours.
• The long/short ratio of ADA favored short-term traders over long-term traders at press time.
• ADA’s metrics didn’t exactly seem in a bullish mood as weighed sentiment rose while development activity took a hit.
Cardano’s TVL Surge
Cardano’s Total Value Locked (TVL) surged by 4.53% in the last 24 hours as of 23 May, according to data from DeFiLlama. This meant that more and more investors were staking their ADA on the network, although the number of active users stood lower than 21 May and hovered around the same number for the last two days.
At press time, Cardano’s long/short ratio favored short-term traders over long-term traders at 54.85%. Furthermore, this ratio stood at 0.8232 as of 23 May which could be deemed as a neutral front for the altcoin price movements going forward.
Metrics Not Bullish
As per data from Santiment, ADA’s metrics didn’t exactly seem in a bullish mood despite the surge in TVL figures earlier in the day. The amount of ADA holders did witness a steady rise but only after witnessing a drop around mid-April while weighed sentiment witnessed a significant rise which was still not enough to put up an optimistic outlook for Cardano price movements going forward.
Transaction Count High
Even though metrics weren’t entirely bullish for ADA, its high transaction count pushed it towards healthy growth lately and could continue to do so if more users decide to stake their tokens on Network with otherwise neutral metrics across other parameters such as RSI and Long/Short Ratios standing between bulls and bears respectively..
Overall, Cardano’s TVL surge is pushing ADA prices upwards although some metrics such as RSI remain neutral and Long/Short Ratios favor short term traders over long term ones currently putting somewhat confusing picture ahead of any potential price movements for this altcoin going forward