Cardano (ADA) is poised for a potential reversal of its downward trend, supported by positive on-chain metrics. According to data from IntoTheBlock (ITB), Cardano has seen an increase in both large transactions and daily active addresses.

In the past 24 hours, whale transactions in Cardano have risen by 5.77%, totaling $10.61 billion. These large transactions, defined by ITB as those exceeding $100,000, have seen a notable uptick from 4,090 to at least 5,120. Cardano ranks second only to Bitcoin in terms of large whale transactions, showcasing significant activity within its ecosystem.

Comparatively, Cardano's performance in this metric surpasses Ethereum, which has experienced a more than 3% decrease, with only $3.76 billion in whale transactions during the same period. Even when compared to stablecoins like USD Coin (USDC), Cardano stands out, with $10.61 billion in transactions compared to USDC's $6.49 billion, despite a 19.93% decline in 24 hours.

These large transactions reflect confidence from high-volume traders, potentially signaling a return to bullish sentiment within the Cardano network. Despite a 1.59% decline in the past 24 hours to $0.4395, Cardano's resilience is evident amidst a volatile week dominated by bearish trends.

Furthermore, the surge in address activity on Cardano, up by 9.14% to 30,640, surpasses that of other cryptocurrencies like Shiba Inu (SHIB) and Toncoin (TON). This increase in usage during a period of price correction underscores the conviction in Cardano's utility and long-term potential.

Founder Charles Hoskinson's optimism about the project's roadmap, coupled with recent ecosystem developments such as the appointment of Chief Technology Officer (CTO) Giorgio Zinetti, indicates ongoing efforts to enhance scalability and innovation within the Cardano ecosystem.

In conclusion, Cardano's recent surge in large transactions and address activity highlights growing confidence in its ecosystem despite short-term price fluctuations. As bulls target the $0.5 mark, the cryptocurrency's fundamental strength and utility continue to attract attention and investment.