Cardano To Hit $200M TVL Soon, Gears for Bullish Trend

Cardano total value locked (TVL) is almost reaching a bullish height of $200 million. The TVL increase is massively dragging up a new flourishing uptrend momentum that seems to be preparing ADA for a price hike.

As per DeFi Llama, the ADA network is experiencing continuous growth in the DeFi sector. Also, this moment shows that ADA may be working silently to recover from its market downtrend position since last year.

That said, the value of ADA’s TVL carries a huge blast not only for Cardano but to its overall ecosystem. Not only that, the Cardano blockchain is said to have driven a significant impact on most of the projects that have been developed on it. With the help of the TVL, the majority of the Cardano-based projects have experienced a simplified and smooth-running service, with a drastic increase in their user-based adoption.

To add, the ADA network remains the third most influential network in the decentralized finance (DeFi) space in terms of network contribution. This is characterized by how the crypto has witnessed a massive growth of its total value locked in the market.

With the likes of the TVL, traders are optimistic that ADA could see a price spike soon. The traders emphasized that they are more than ready to “HODL” their ADA holdings. Nonetheless, apart from holding their ADA, the traders have a belief that if Cardano maintains its initial performance, it can become the busiest crypto this year.  

At the time of writing, Cardano trades at a decent price of $.97 per crypto with a growth rate of +3.1% in the past 24 hours.