Cardano - After breaking through $0.97, determining the next price target for ADA

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The price of Cardano [ADA] has shown an impressive rebound in the past 24 hours, attracting widespread attention from cryptocurrency enthusiasts.

In addition to ADA, other mainstream cryptocurrencies have also experienced price rebounds after significant declines in recent days.

$151 million outflow of ADA indicates increasing confidence.

However, data from on-chain analysis company Coinglass shows that despite a continuous price drop of over 30% in the past few days, long-term holders seem to be accumulating tokens and taking advantage of the price drop.

The spot inflow/outflow data for ADA shows that exchanges across the cryptocurrency space have witnessed a substantial outflow of ADA valued at $150.89 million.

These on-chain indicators can help cryptocurrency enthusiasts understand the amount of tokens withdrawn from exchanges. They also indicate potential upside and ideal buying opportunities.

In addition to the active participation of long-term holders, trader interest is also surging, as shown by Coinglass's long/short ratio. At the time of writing, the long/short ratio for ADA is 1.04, the highest level since mid-November 2024.

A ratio above one indicates strong bullish sentiment among traders.

After successfully re-testing the strong support level at $0.80, both long-term holders and traders are showing increasing interest.

According to AMBCrypto's technical analysis, ADA successfully re-tested its past breakout level during the recent price decline, a level that had not been re-touched before.

Subsequently, the price rebounded above the key support level of $0.97.

Additionally, the altcoin formed a bullish hammer candle at the support level, indicating a bullish outlook for ADA holders.

Based on recent price trends, if ADA maintains above $0.95 and closes with a daily close above $1, it could soon rise by 25% to reach $1.24.

As of the time of writing, ADA is trading close to $0.99, with momentum exceeding 12% in the past 24 hours.

Its trading volume has also surged by 30% during the same period, indicating increased participation from traders and investors driven by bullish prospects.

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