Cardano (ADA) price has been consolidating in the past few days, with bears seemingly controlling the market.
ADA’s trading volume has surged 96.99% in the last 24 hours, reaching $365.83 million.
Traders are considering the current lower price levels as a key opportunity to buy ADA.
The price of Cardano (ADA) has remained stagnant in recent days, showing no clear signs of a rebound despite the ongoing consolidation.
While it may appear that bears have taken control of the market, bulls are not entirely retreating to the sidelines, as evidenced by the strong support ADA is receiving from traders.
According to data from CoinGlass, the trading volume of Cardano has witnessed a remarkable surge of 96.99% in the last 24 hours, propelling the volume to an impressive $365.83 million.
This substantial jump in trading activity is particularly noteworthy when compared to the trading volume of $214.14 million recorded on July 27, highlighting the significance of today’s increase as a crucial indicator of Cardano’s future trajectory.
Major Exchanges Contribute to Cardano’s Trading Volume Surge
A closer look at the trading volume data reveals that Cardano is gaining traction across various trading platforms.
Of the total volume, a significant portion is attributed to major cryptocurrency exchanges, with Binance accounting for $171.29 million, Bybit contributing $76.39 million, and OKX responsible for $47.21 million, among others.
This widespread interest in ADA across multiple exchanges underscores the growing demand for the cryptocurrency and the potential for increased liquidity and market depth.
As the price of ADA remains at lower levels, traders are viewing this as a prime opportunity to accumulate the cryptocurrency at a discounted price. This accumulation trend not only reflects a bullish sentiment among traders but also has the potential to attract new holders to the market.
