Cardano (ADA) Price Could Surge 216% Amid Strong Trading Volume

Cardano (ADA) has recently regained attention from traders who are speculating about a potential significant price surge. According to a video analysis by Cheeky Crypto, ADA's price could be on the verge of a 216% rally, potentially returning to its previous all-time highs. The analysis highlights several factors contributing to this optimistic outlook.

One of the key indicators is the increasing trading volume, particularly on Binance, where ADA saw substantial activity. This surge in volume often precedes significant price movements, suggesting that strong interest in ADA could drive its price higher. The host of the video pointed out that Cardano's market structure has improved since its last peak at $3 in 2021. The technology, network development, and overall infrastructure have strengthened, making another run to $3 a plausible scenario, especially with the broader altcoin momentum building.

The video also addressed recent controversies surrounding Charles Hoskinson, the founder of Cardano, and allegations of a $600 million ADA misappropriation. Hoskinson denied these claims and announced plans for a third-party audit by mid-August. He also hinted at potential legal action against those spreading the accusations. Despite this drama, the controversy does not seem to be significantly impacting ADA's price or investor confidence, which remains focused on price targets and market performance.

Technical analysis provided by Cheeky Crypto suggests that the next immediate resistance for ADA is around $1.14, aligning with a Fibonacci level. The Relative Strength Index (RSI) is high, indicating that the price might need to cool down, but the overall momentum still favors an upward trend. Long-term, the possibility of ADA reaching $2 or even returning to $3 is not ruled out. If ADA were to hit $3 again, it would represent a 216% gain from its current price, making it a highly attractive prospect for traders.

The increasing interest in Cardano is evident, and the next few moves in the market could be pivotal. Whether ADA experiences a significant price surge in the coming weeks remains to be seen, but the current trends and technical indicators suggest a bullish outlook for the cryptocurrency.