This hypothesis was supported by ADA's price movement, which was among the top gains among the top 10 cryptocurrencies. Over the past day, Cardano has increased by over 4%, as per CoinMarketCap.
ADA was the tenth largest cryptocurrency at the time of writing, trading at $0.4603 and having a market capitalization of more than $16.4 billion.
Along with the token's price increase of 74%, the trading volume also increased, which is typically a sign of strength.
Given that prices typically increase in the opposite direction of funding rates, this was positive.
Because of its high velocity, $ADA was utilized in transactions more frequently over a predetermined period of time. The MVRV ratio, which increased significantly as a result of ADA's recent price surge, was another positive indicator.
