Cardano price soared to over $1, with trading volume surging 150% driven by bullish indicators, analysts say this is just the beginning.
Cardano (ADA) has seen a strong rebound, breaking the $1 mark for the first time since April 2022, becoming the focus of market attention. In the past 24 days, the ADA price has surged over 30%, currently trading at $1.06, successfully alleviating the pressure of the long-term bear market, while its trading volume has grown significantly by 150% to $6.7 billion, indicating a notable increase in market activity.
Experts generally believe that this may signal the beginning of an ADA rebound. As on-chain data continues to present bullish signals, market sentiment is also gradually recovering, sparking widespread discussions about ADA's future trajectory.
The core question that investors are most concerned about next is: Can ADA sustain this upward momentum and explore higher price levels? Some analysts point out that ADA's future performance may be driven by the following key factors:
- On-chain activity: Increasing trading volume indicates a surge in user demand for the network.
- Ecosystem development: Further expansion of DeFi, Non-Fungible Token, and smart contract activities on the Cardano network could provide additional upward momentum.
- Market sentiment: Against the backdrop of an overall recovery in the cryptocurrency market, ADA may attract more capital inflows.
However, it is also necessary to be vigilant about the selling pressure from short-term price spikes, and investors should closely monitor market volatility and technical signals. Nevertheless, ADA's strong performance has clearly laid a solid foundation for the possibility of its future potential.
Cardano price surges 30% to $1 on bullish indicators
Driven by the recent rebound in the cryptocurrency market, Cardano (ADA) has exhibited a strong upward momentum. In the past 24 hours, the ADA price has risen 30%, currently trading at $1.06, which is the highest level since April 2022. At the same time, trading volume has surged 150% to $6.7 billion, further indicating the market's enthusiasm and active trading. This price surge is highly consistent with the previous predictions of analysts, many of whom had expected ADA to break the $1 mark over the weekend. Cryptocurrency analyst Ali Martinez expressed optimism, noting that "$ADA has surged nearly 200% in the past three weeks! But this is just the beginning compared to what's about to happen."
Martinez analyzed ADA's on-chain data and found that whales holding between $1 million and $10 million worth of ADA have more than doubled their holdings in the past month. This phenomenon has directly driven Cardano's daily large transaction volume to over $22 billion, fully demonstrating that institutional investors and large holders are actively accumulating. From a technical perspective, ADA appears to be replicating its historical bullish pattern. According to Martinez's analysis, if this trend continues, ADA's target price could reach $6. However, he also emphasized that the $0.80 support level is a critical point, as around 48,000 addresses have purchased 1.2 billion ADA at this price level. If this support level is solidified, ADA's upward momentum will be more robust.
Although the current rally is exciting, investors still need to be aware of potential short-term price volatility. The increase in whale holdings indicates strong confidence, but the subsequent trend will require close monitoring of market sentiment and macroeconomic changes. For long-term investors, ADA's fundamentals and on-chain data are sending positive signals, making it worth paying attention to its future development potential.
On-chain indicators show strong momentum
Furthermore, on-chain data highlights the bullish sentiment surrounding ADA. According to CoinGlass, Cardano's price has benefited from a 34% increase in open interest contracts, currently at $972 million. Additionally, over the past 24 hours, short liquidations have reached $9.77 million, indicating that traders betting on ADA's rise have been forced to close their positions. During the ongoing cryptocurrency rally, this forced buying pressure has further driven up the ADA price. Moreover, Santiment's data shows that Cardano's market capitalization has doubled in the past 17 days. At the same time, the cryptocurrency has achieved a daily profit of $165 million, the highest level in 8 months. More importantly, the data shows that discussions about ADA on social media have reached the highest level in 11 months, highlighting the growing interest within the community.
Another analyst, Dan Gambardello, pointed out that ADA's trajectory in the past three weeks is similar to its previous bullish pattern, with a gain of nearly 200%. He noted that the key support level is around $0.80, and the resistance level is around $1.05, indicating further upside potential. Gambardello also enthusiastically stated that based on this analysis, Cardano's price could target $10. The recent rally has prompted various analysts and investors to weigh in on ADA's potential price targets, ranging from $1.00 to $15.
