Cardano (ADA) has joined the recent crypto market rally, surging 4.19% over the past 24 hours to trade at $0.5021.
Data from IntoTheBlock shows that 1.94 million Cardano addresses, holding 55% of the circulating supply, are currently in profit.
Despite optimism among investors, ADA faces major resistances on its path to reaching its previous all-time high of $3.10.
Cardano (ADA) has been riding the wave of the recent cryptocurrency market rally, which has been led by Bitcoin (BTC). As Bitcoin breached the $71,000 resistance level yesterday, ADA also experienced significant gains, with its price spiking from $0.4646 to a daily high of $0.5090.
Like most crypto assets, ADA saw a slight retracement, with a unit of the coin trading at $0.5021 in the hours leading up to press time. Despite this minor pullback, Cardano has still managed to surge 4.19% over the past 24 hours.
Cardano Profitability: 1.9 Million Addresses in the Green
Despite the slight retracement, many Cardano addresses are still holding ADA at a profit. According to data from IntoTheBlock, Cardano has a total address count of 4,466,970 (4.46 million).
Of this figure, 1,943,290 (1.94 million) wallets are currently holding ADA in profit at the current price of $0.5021. These addresses collectively hold 19.63 billion ADA coins, representing 55% of Cardano’s circulating supply. This suggests that these addresses could potentially sell and take profit, as the current price is above their entry point.
On the other hand, approximately 2,477,590 (2.47 million) Cardano addresses are holding ADA at a loss at the current price. The collective ADA held by these wallets is 14.89 billion.
Furthermore, only 46,090 addresses are at break-even, implying that they are neither holding ADA in profit nor loss.
Major Resistances Ahead for ADA
In light of the recent market uptrend, Cardano investors have remained optimistic about ADA’s potential to reach the levels projected by market analysts. These projections include targets of $6.66, $7.5, $7.77, or even $27 at the peak of the bull run.
It is worth noting that these targets are significantly above Cardano’s previous all-time high of $3.10, which it achieved in September 2021.
The first resistance level is currently situated around the range of $0.5029 – $0.5843, where 334,620 addresses bought 3.34 billion ADA. The next resistance level is in the $0.5843 – $0.7183 price range, where 402,150 addresses purchased 6.76 billion ADA coins, worth $3.39 billion at press time.