Cardano (ADA) has made headlines by crossing the $1 milestone for the first time since April 2022. Over the past 24 hours, ADA’s price has risen by 30%, reaching $1.06, with trading volume also soaring by 150% to $6.7 billion. Analysts believe this could be just the beginning for Cardano’s upward momentum.
Price Surge and Increased Trading Volume
With the recent crypto market rally, Cardano has seen an impressive price increase of 30% in a single day, breaking the $1 barrier and trading at $1.06. This marks a significant recovery for the altcoin, as it hits levels unseen since April 2022. Trading activity has also surged dramatically, with volumes climbing by 150% to reach $6.7 billion.
Crypto analyst Ali Martinez highlighted that ADA’s current performance may only hint at its long-term potential.
“$ADA has surged nearly 200% in the past three weeks! But this is nothing compared to what lies ahead,” Martinez said, pointing to continued whale activity and the likelihood of further price increases.
On-Chain Data Supports Bullish Momentum
On-chain metrics indicate growing optimism surrounding Cardano. Data from CoinGlass shows that open interest for ADA has risen by 32%, reaching $889 million. Additionally, $9.77 million in short positions were liquidated in the past 24 hours as traders betting against ADA closed their positions.
Santiment data reveals that Cardano’s market capitalization has tripled over the past 17 days. The network has recorded daily profits of $165 million, while social media mentions of Cardano have reached an 11-month high.
“ADA’s recent rise has reignited community interest and enhanced its long-term potential,” Santiment noted.
Analysts Predict Further Gains
Analysts predict that if Cardano maintains its current trajectory, it could climb as high as $6 in the coming months. However, they emphasize the importance of holding the $0.80 support level, which is critical for sustaining the ongoing rally.
For investors, Cardano’s surge, backed by strong technical indicators and on-chain metrics, presents an opportunity to evaluate its future potential. Monitoring ADA’s market dynamics and analyst forecasts will be crucial for making informed investment decisions.
Stay tuned to Dey There for the latest updates on Cardano and other key developments in the cryptocurrency market.
Cardano price, ADA rally, on-chain metrics, trading volume, crypto market
