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- Cardano’s network maintained positive growth in its network transactions, which grew by 2.49% to 65.6 million transactions in April.
- Cardano’s TVL grew from $138.61 million at the start of the month to a high of $171.3 million.
Cardano’s monthly report reveals intriguing activity: What was its effect on ADA
Cardano pushed positive network growth in April, with positive growth in transactions and a substantial increase in TVL. However, despite ADA delivering a 23% price gain in the first two weeks of the month, it gave up almost all of those gains by the end of April.
Cardano’s network growth in April
Cardano’s monthly report shows that the network maintained positive growth in its network transactions, which grew by 2.49% to 65.6 million transactions, backed by a 1.19% increase in the number of wallets. The majority of the transactions were simple type transactions, while smart contract transactions were up 30%, and metadata accounted for the remaining percentage. Cardano’s TVL also gained by a substantial margin, growing from $138.61 million at the start of the month to a high of $171.3 million.
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— Charles Hoskinson (@IOHK_Charles) May 3, 2023
ADA’s performance in April
ADA delivered a 23% price gain in the first two weeks of April, but it gave up almost all of those gains by the end of the month. ADA investors should note that an extended downside may occur if the support level turns out to be weak, which may cause a retest of its mid-term support level near the $0.35-$0.36 range. ADA traders should keep an eye out for mid-week directional stimulation, which may offer some insights into the cryptocurrency’s next move in the upcoming two weeks.