Cardano (ADA) surpassed $1 for the first time since April 2022, with a 30% surge to $1.06 in 24 hours, while trading volume rose 150% to $6.7 billion.
For the first time since April 2022, the cryptocurrency known as Cardano (ADA) has exceeded the $1 level, demonstrating a significant spike in value. For the previous twenty-four hours, the price of ADA has grown by thirty percent, hitting $1.06.
In addition, trading volumes significantly increased, rising by 150% to reach $6.7 billion, reflecting increased market activity. Despite reaching these milestones, some analysts are making predictions about the future.
They argue that this is just the beginning. Considering favorable on-chain indicators, increasing whale activity, and growing investor confidence, the question remains: what is next for the price of ADA?.
Cardano Price Records 30% Surge to $1 Amid Bullish Metrics
As a result of the recent cryptocurrency boom, the price of Cardano has increased by 30% in the past twenty-four hours, reaching one dollar. Ever since April 2022, this is the first time that ADA has been able to surpass the $1 level again.
The trading activity also showed a significant increase, with volumes reaching $6.7 billion in just twenty-four hours, which is a 150% increase from the previous day. In addition to this, the cryptocurrency boom coincides with a recent analysis that forecasts the price of ADA could surpass the $1 threshold this coming weekend.
Several analysts have expressed the opinion that the cryptocurrency has not yet reached its full potential. According to the crypto analyst Ali Martinez, the recent price movement of Cardano is only a forerunner to further gains. Mr. Martinez expressed hope in his statement.
As Martinez pointed out, ADA whales with holdings ranging from one million to ten million dollars have seen their holdings increase by more than 100 percent over the past month. Because of this, the network has been experiencing massive transactions that reach $22 billion on a daily basis, which is indicative of substantial accumulation activity.
From a technical perspective, Martinez observed that the ADA bears a resemblance to its previous bullish cycle. It is possible that ADA will set their sights on targets as high as $6 if this pattern persists.
However, he emphasized that the $0.80 support level, where 48,000 addresses have acquired 1.2 billion ADA, remains crucial for sustaining the current upward trend. Furthermore, the blockchain’s data supports the bullish sentiment surrounding ADA.
According to CoinGlass, the price of Cardano has benefited from a 32% increase in open interest, which currently stands at $889 million. Furthermore, short liquidations reached $9.77 million in the past 24 hours, forcing traders who were betting against the ADA rally to close their previously held positions.
This forced buying pressure, which has occurred amid the current cryptocurrency surge, has further driven the price of ADA. Additionally, data from Santiment indicates the tripling of the market cap of Cardano over the course of the previous seventeen days.
During the same time period, the cryptocurrency posted a single day’s worth of realized gains of $165 million, which was the highest amount in eight months. Furthermore, the findings indicate that talks on social media about the Americans with Disabilities Act (ADA) have hit an 11-month high, which highlights the increased interest within the community.
An additional expert, Dan Gambardello, observed that the trajectory of ADA over the past three weeks, during which it experienced approximately a 200% gain, is similar to the bullish patterns it has displayed in the present. The fact that he identified important support zones around $0.80 and resistance zones near $1.05 indicates that there is additional potential for growth.
Specifically, Gambardello noted that if the current pattern continues, the price of Cardano might potentially aim for a long-term target of $10. A number of analysts and investors have expressed their opinions regarding the potential price objectives for ADA, with projections ranging from $1.00 to as high as $15. This recent increase has motivated them to come up with their opinions.
