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Even with the Cardano network hitting seeing good metrics over the last month, the ADA price has remained rather stale in its performance. However, this trend might soon change for the digital asset as multiple developments have emerged that could fast-track its recovery. Cardano Whales Go To Market It is no secret that Cardano whales have often doubled down on their positions even at times when the digital asset has suffered from the bear trends. This has not changed, especially with the most recent dip in the ADA price, which sent the whales into a buying frenzy instead of dumping their holdings. Earlier in the week, ADA fell as low as $0.2422, which is the second-lowest that the price has been this month but this did not deter believers in the coin. Instead, Cardano whales increased their activity, suggesting that they were scrambling to buy the digital asset at what is believed to be a low price. Data from IntoTheBlock showed that these whales moved over $3 billion worth of ADA on Monday alone. While this doesn’t exactly serve as evidence for buying, the time frame in which this happened is what points toward accumulation. The whales began to move these tokens not long after the price dip. Additionally, since then, the digital asset has been showing strength with the ADA price recovering and eventually beating the resistance at $0.245. This continued show of strength on the part of the altcoin suggests that the whales had been buying the token rather than selling it. In this case, they expect the ADA price to continue to rise, and choose to add to their positions. ADA Price Could Be Poised For A Rally Another interesting development on the Cardano network that could boost the ADA price is the rise in its active users. IntoTheBlock’s data showed a prominent jump in the daily active users that brought it up to over 42,500 addresses. This translates to a more than 60% increase from the prior figures. Related Reading: Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy? Now, the daily active addresses have begun to correct downward with the DeFi tracking website DeFiLlama showing a total of 31,846 active users in the past 24 hours. Nevertheless, this remains significant, surpassing the likes of Avalanche at 29,042 daily active users. This surge in active addresses suggests rising interest in the Cardano network. Given that ADA is the token that powers the entire ecosystem, a rise in activity means more demand for the token as users need it to carry out transactions. The ADA price has also been trading in a tight range for some time. So a bounce from there would see the token’s price retest the $0.26 resistance in no time.
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Chainlink has remained bullish despite the bearish pressure in the broader crypto market. The crypto closed bullish at $7.4 yesterday, September 26, with over 7% increase.  LINK remains bullish, with an 11% seven-day price increase and over 2% gain in the last 24 hours. But while the token’s price continues to increase, data shows the trading volume has declined 17% in the last 24 hours. What could be the reason behind this contradiction? Chainlink Price Continues To Surge In an X post on September 24, Chainlink network announced it had recorded multiple integrations across six blockchains. These include Arbitrum, Ethereum, Optimism, Avalanche, Polygon, and BNB Chain. Also, yesterday, September 26, gaming platform BetSwirl announced that it integrated Chainlink’s CCIP across Ethereum, Polygon, Avalanche, and Arbitrum. According to the post, this CCIP integration will help “BetSwirl enable seamless, secure, and reliable cross-chain token transfers” Related Reading: XRP Price Analysis: 4-Month Chart Dynamics Decoded By Crypto Analyst This increased adoption across multiple chains expanded Chainlink’s user base, a plausible factor behind LINK’s resilience amid the prevailing bearish market. Although LINK briefly slipped off the $7.5 level to $7.3 yesterday, it has since recovered momentum. Given the ongoing movement, the crypto asset could break the $7.8 resistance and record higher highs soon. Meanwhile, Chainlink (LINK) is number 3 among the top weekly gainers after CRV and PEPE. It has also secured a position on the top daily gainers’ chart. Although the price strides are bullish, the trading volume, down 17%, raises concern about whether LINK can sustain the rally. It indicates reduced trading activity, a possible sign that buyers have reached saturation and paused to weigh their next move.  This setup bodes badly for LINK as it could signal the entrance of sellers, which will exert downward pressure on the token’s price. Price Surge Drops Chainlink (LINK) Supply On Crypto Exchanges According to Santiment’s report on September 24, Chainlink remains one of the best-performing cryptocurrencies in September. It outlined that, unlike most assets, LINK’s price often records an initial boost when holders move their tokens from exchanges. Santiment noted that the asset’s price increased 23% in two weeks as the exchange supply flowed back to cold wallets. Also, the analytics platform reported that LINK exchange supply increased by 17.2%, reaching a 2023 high on September 14. However, on September 24, 10 days later, the token’s exchange supply dropped to 16.4%. This observation is a plausible reason behind Chainlink’s declining trading volume.  Meanwhile, as of the time of writing, LINK trades at $7.64, with a 2.88% price increase in the last 24 hours. The token trades above the simple moving averages of $6.494 and $6.719 and two key support levels.  LINK is approaching the overbought area, forming a bullish candlestick as buyers vie to conquer the $7.823 resistance.
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Poof Payments Inc. – a platform that has become a leader in the world of web3 crypto payment solutions – has recently unveiled its new “Pay with Anything” feature. This allows users to pay or process invoices through a wide array of digital currencies such as Cardano, Avalanche, Ethereum, and practically any other asset they can think of. Poof Payments Allows Altcoin Payments The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down. It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them. Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store loses money in the end. Is this a fair situation? Not everyone thinks so. That’s what makes enterprises like Poof Payments so important. They understand the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from. Today, bitcoin and digital currencies are garnering more attention than they ever have. Recently, digital payment platform PayPal announced that it was bringing its own stable currency to the market for the purpose of allowing users to pay for goods and services with a virtual currency. While we’re not quite where we could be yet, the idea is finally permeating the business world that digital assets can, in fact, be used to process payments for everyday items. Standard Finance Isn’t Being Cut Out of the Mix Poof Payments is also not cutting out standard finance. Users can choose to process transactions and/or invoices through USD and standard fiat currencies, though the digital options are there, thus bringing a whole new level of legitimacy and mainstream appeal to multiple altcoins that otherwise would never have been recognized as valid. Users can also pay through Visa and Mastercard payments, as well as through PayPal and even Zelle. The post Poof Payments Opens the Door to Crypto Transactions appeared first on Live Bitcoin News.
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