Cardano (ADA) has achieved an astonishing recovery, as the token has broken the $1 price level for the first time since April 2022. The ADA price has risen over 30% in the past 24 hours to $1.06, breaking the bear market trend. Similarly, trading volume has increased by 150%, reaching $6.7 billion, indicating increased market activity.
Nevertheless, experts claim this is just the beginning, and some have contributed predictions about future events. As ADA enjoys bullish on-chain indicators, the pressing question remains: where will ADA go next?
Cardano's price has surged 30% to $1 in bullish indicators
After the recent cryptocurrency rebound, Cardano's price has increased by 30%, currently priced at $1.06 within 24 hours. This current value is the highest ADA has reached since April 2022. Trading activity has also surged dramatically, with trading volume increasing by 150% in one day, reaching $6.7 billion.
More importantly, the cryptocurrency's upward trend aligns with recent analysis predicting that the ADA price may break the $1 mark this weekend. Analysts indicate that the cryptocurrency has yet to fully realize its potential. Ali Martinez expressed optimism, stating that
"$ADA has surged nearly 200% in the past three weeks! But compared to what is about to happen, this is nothing."
As one of the leading cryptocurrency analysts, Ali Martinez claims that everything happening with Cardano is just a prelude to greater gains. Martinez noted that ADA whales holding between $1 million and $10 million have increased their ADA holdings by over 100% in the past month. This has resulted in large daily transactions exceeding $22 billion on the network, indicating strong accumulation activity.
From a technical perspective, Martinez noted that ADA is repeating its previous bullish cycle. If this pattern continues, the target price for ADA could reach as high as $6. However, he emphasized that the support level at $0.80 (with 48,000 addresses purchasing 1.2 billion ADA) is crucial for maintaining the current bullish trend.
On-chain metrics show strong momentum
Moreover, on-chain data highlights the bullish sentiment surrounding ADA. According to CoinGlass, Cardano's price benefits from an increase in open contracts by 34%, currently totaling $972 million.
Additionally, the short liquidation amount has reached $9.77 million in the past 24 hours, indicating that traders betting on ADA's rise have been forced to close their positions. This forced buying pressure further drove up the ADA price during the ongoing cryptocurrency surge.
Furthermore, data from Santiment shows that Cardano's market capitalization has doubled in the past 17 days. Meanwhile, the cryptocurrency achieved a profit of $165 million in a single day, marking the highest level in 8 months. More importantly, the data indicates 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, noted that ADA's performance over the past three weeks is similar to previous bullish patterns, with an increase of nearly 200%. He pointed out that the key support level is around $0.80, with resistance at about $1.05, suggesting further upside potential.
Gambardello is also keen to point out that based on this, Cardano's price could aim for a target of $10. The recent surge has prompted various analysts and investors to weigh potential price targets for ADA, ranging from $1.00 to $15.
