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Cardano (ADA) has seen a sharp 4.91% increase in the past 24 hours, currently priced at $1.13. This rally comes with a surge in market cap to $39.8 billion, a notable 5.08% rise. Its 24-hour trading volume also spiked 36.94%, totaling $1.58 billion, signaling strong investor activity.
This upward movement pushes ADA closer to the psychological $1.15 resistance, instilling hope among bulls. Although still 63.36% below its all-time high of $3.10, Cardano’s current rally suggests growing optimism in the crypto space.
Key Market Trends Supporting ADA’s Rise
The price chart reveals a steady climb after a low of $1.07 in the last 24 hours, peaking at $1.15 before slightly retracting. This consistent growth highlights robust buying momentum, driven by a blend of retail interest and possible whale accumulation.
1-Day price chart- source: CoinMarketCap
With a circulating supply of 35.15 billion ADA and total supply capped at 44.99 billion, Cardano’s scarcity factor plays into its value. Notably, the token’s fully diluted valuation (FDV) of $51.1 billion underscores its long-term potential.
Related article: Cardano Falls Below $1: Is a Rebound on the Horizon?
This trend coincides with a crypto-wide uptick, likely supported by positive sentiment surrounding blockchain advancements and potential updates to Cardano’s ecosystem.
Comparing ADA’s Strengths
The rise in ADA’s trading volume to market cap ratio at 3.96% reflects heightened liquidity. As traders pour capital into Cardano, it’s evident that short-term speculation fuels its recent gains. This dynamic sets ADA apart as one of the more active digital assets.
Meanwhile, ADA’s massive rebound from its all-time low of $0.01735 in 2017, a staggering 6,443.91% increase, shows its enduring relevance. It also confirms its position as a top choice for long-term investors eyeing substantial returns.
Related article: If You Bought Cardano in January 2024, Here’s How Much You’d Have Made – And Why 2025 Could Be Even Bigger
ADA faces short-term resistance near $1.15. Breaking above this level could spark further upside, targeting $1.20. Conversely, a pullback below $1.10 might open the door for bearish correction. However, with Cardano’s robust ecosystem and improving network upgrades, ADA’s medium-term outlook remains bullish.
As Cardano climbs steadily, investors should monitor broader market conditions and upcoming blockchain developments. With its proven track record, ADA continues to be a strong contender in the crypto world.
The post Cardano Rockets 5%: What’s Driving ADA’s Surge? appeared first on FXcrypto News.
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