Cardano Surpasses 4.8M Wallets as Institutional Interest Builds

Cardano wallet count increased to 4.83 million, marking 18% annual growth in network participation.

Grayscale added Cardano to its smart contract fund at an 18.57% allocation, showing growing institutional interest.

ADA rebounded from key support at $0.837 despite a short-term bearish signal, indicating potential price resilience.

Cardano has recorded a significant increase in user participation, reaching 4.83 million unique wallets holding ADA. The data, confirmed by ADA-focused community Cardanians, comes from a new report titled Cardano by Numbers released by digital asset firm ReserveOne. This reflects an 18% year-over-year growth in the number of wallet holders.

The ReserveOne report emphasized the blockchain's expanding real-world applications. It noted that Cardano’s infrastructure continues to support secure and decentralized transactions. The increase in unique wallet addresses suggests growing confidence in the platform’s underlying technology and ecosystem capabilities.

Institutional Adoption Sees Notable Uptick

Cardano’s adoption among institutional players has also seen a recent boost. Grayscale, one of the largest digital asset management firms, restructured its smart contract platform fund, with Cardano now making up 18.57% of the portfolio. This adjustment signals heightened institutional exposure to ADA and growing trust in Cardano's long-term potential.

Despite network growth, ADA’s market performance showed some volatility. At press time, Cardano was trading at $0.874, down 2.65% over the last 24 hours. The price declined from a weekly high of $0.987 on August 17, showing signs of a sell-off at the start of the week.

Technical Indicators Show Key Price Movements

The death cross, which occurred on an hourly basis, marked a selloff that is normally bearish momentum over the short run. ADA, however, saw a sharp rebound around the $0.837 line, reversing lower pressure. Such a recovery may represent higher demand at lower prices and the attempt of buyers to maintain price power.

In the event that the price trades above $0.837 and regains the $1.02 price level, ADA may experience a bullish surge that will push it to the $1.17 region. However, should the negative momentum increase and the price decrease below the $0.837 mark, ADA might encounter the 50-day simple moving average, which could be around the $0.75 mark.

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