Cardano Price Hits $1 But Analyst Says This Is Just The Start

After a strong bullish period, Cardano is now trading for over $1 reminiscing analysts’ prediction that this is just the beginning of Cardano’s bull run and trading volume surges by 150% conseils. Cardano’s price reached $1.06, reaching its first dollar point since April this year, with trading volume increasing 150%. Metrics reveal ADA Open Interest at $972M which increased by 34%, exceeding before FTX crash levels; Whale activity doubled daily $22B ADA transactions, and ADA holdings were up over 100%. Banking on targets of $6 to $15, analysts see ADA targets tripling its market cap in seventeen days.

That is a great uptick for Cardano (ADA) as the token crossed the $1 price level for the first time since April 2022. ADA price has gone up by more than 30% in the last day and is currently trading at $1.06p which is beyond the bear trend. In the same way, total trading volume escalated to $6.7 bln, up 150% indicating higher market activity. However, many professionals suggest that this has only started; some contribute to the prediction of the said events. While ADA is enjoying the strong on-chain fundamentals, the question that is still being asked is; where is ADA going next?

Cardano Price Records 30% Surge to $1 Amid Bullish Metrics

Since the latest crypto bounce, Cardano has risen by 30% although it is currently facing some dips to $1.06 within 24 hours. The present value is the highest ADA has hit since it was trading at $0.045 in April this year. Equity trading activity increased significantly with volume rising by 150% to $6.7 billion for one trading session. Further, the crypto rally is in line with the fresh analysis that indicates the ADA price could hit $1 this weekend. Other analysts have used their projections to argue that the crypto is yet to foray to the next level. Ali Martinez was optimistic saying,

Since people consider him one of the top crypto analysts, Ali Martinez has announced that all that happened with Cardano is simply preparation for larger profits. ADA whales investing amounts between $1 million to $10 million noted a holder amount increase greater than 100% in the last month, Martinez cited. This has led to daily transactional value above $22 billion on the network showing strong signs of accumulation.

Based on the technical analysis, the director cited that ADA is in the same cycle it was before it started developing the bull run. If this trend persists, ADA may set its sights even as high as $6. But he noted that the $0.80 support area, where 1.2 billion ADA were bought by 48,000 addresses, is essential for continuing the existing uptrend.

On-Chain Metrics Show Strong Momentum

Moreover, on-chain data also supports the positivity of the ADA future trends as the asset’s price reward index displays. As per CoinGlass, there remains $972M in open interest, and the Cardano price seems to have received an uplifting from a 34% boost.

In addition, short liquidations are at $9.77 million in the last 24 hours, implying that short-sellers funding ADA’s upswing were compelled to tighten their losses. This buying pressure has contributed even more to the ADA price increase during the current cryptosphere run.

However, data obtained from Santiment also shows that Cardano’s market cap has tripled in the last 17 days. Similarly, the crypto made $165 million in realized profits one day, the highest in eight months. More so, according to the data, discussions on Social media about ADA have hit an 11-month high pointing to the increasing engagement within the community. 

Yet another analyst, Dan Gambardello, pointed out that ADA’s upside pumps for the past three weeks, which experienced nearly 200% growth, look like previous bullish cycles. For support levels, a further upswing was seen around $ 0.80 and for a resistance level near $ 1.05.

What is more important in this story, was Gambardello’s willingness to underline that according to this narrative, Cardano’s price may have its cross hairs on $10. This recent rally has elicited various analysts and investors to give their best guesstimate of ADA’s price potential ranging from $1.00 to $15.

Cardano’s Bullish Momentum Signals a Promising Future

Cardano’s latest breakout above the $1 price level with a 150% trading volume surge and strong on-chain fundamentals for the token anticipate the cryptocurrency to stay bullish. Experts predict that ADA will hit such goals between $6 and $15, backed by high whale holdings, active community, and previous price trends. Nevertheless, a new important support level at $0.80 will keep the price above this mark and important resistance at $1.05 will keep the price from sinking below the line. 

Even with open interest as well as the volume of trading rising to significant levels, the price trend seen by ADA indicates that there is increasing optimism from traders in the future, and this may mark a great opportunity for ADA to have a breakthrough in the price chart.