The Cardano price has shown an upward trend, increasing by more than 8% to reach an intraday high of $0.837. This surge in price is supported by a combination of rising on-chain activity and technical indicators suggesting further potential gains. On-chain data indicates that ADA’s daily trading volume has hit a seven-month high of $52.26 billion, with whale transactions reaching a six-month peak. Additionally, futures’ open interest (OI) on ADA has significantly climbed to $735 million, reflecting increased market activity.
Analysts have set various targets for Cardano price growth based on historical patterns and technical indicators. The first target is the $1.00 psychological level, aligned with the 61.8% Fibonacci retracement level. Closing above this level could indicate the possibility of further gains. Beyond $1.00, analysts have outlined bullish scenarios, with some suggesting a retest of the previous all-time high of $3.12 or even reaching a range of $6.00 to $12.00 to $15.00 if the current rally continues.
On-chain metrics support Cardano’s momentum, with futures Open Interest (OI) experiencing a significant surge. OI has risen from $585.37 million to $735 million, indicating increased market activity and growing investor confidence in ADA’s price trajectory. The rise in whale transactions, up 145% over the past month, shows increased interest among large holders. Additionally, Cardano’s Total Value Locked (TVL) in decentralized finance (DeFi) has climbed to $490.7 million, nearing its all-time high, further reinforcing the bullish sentiment.
Technical indicators for ADA show a positive trend, with the MACD indicator on the 24-hour chart demonstrating bullish momentum, as the MACD line crossed above the signal line with a rising histogram. The Bull Bear Power (BBP) indicator also indicates a positive trend, with values above zero, signaling that buyers are dominating the market. This reflects increasing strength in bullish momentum and supports the ongoing crypto rally.
Overall, the current price rally for Cardano is supported by strong on-chain metrics, increased market activity, and bullish sentiment. Analysts have set various price targets for ADA, with the potential for further gains if the rally continues. Technical indicators also suggest a positive trend for Cardano’s price, indicating potential upward movement in the near future. With growing investor interest and confidence in the cryptocurrency, Cardano’s price may continue to see upward momentum in the coming days and weeks.
