Cardano (ADA) Surges 15% in 48 Hours, Outpacing Top 10 Coins

Cardano (ADA) has demonstrated robust performance this week, with a notable surge of 15% within the past 48 hours, outpacing all top 10 coins by market capitalization. This surge was particularly pronounced on Friday, when ADA reached a high of $0.77, commanding over $1.72 billion in daily trading volume. This movement comes at a time when Bitcoin is holding firm above the $117,000 mark, providing an opportunity for altcoins like ADA to gain momentum. Cardano’s sudden rise has garnered significant attention from analysts in the crypto market, making it one of the most watched altcoins this week.

Following this week’s performance, Cardano Founder Charles Hoskinson shared on his X page a question that highlighted the significant buying pressure fueling ADA’s surge. “Remember when we were told that a 100-million-dollar trade of ADA would collapse the price?” Charles asked, emphasizing the resilience of ADA against critics. Recent whale accumulation has further bolstered ADA’s bullish momentum. Data reveals that large holders, those with between one and ten million ADA, acquired 120 million tokens over the past two weeks, amounting to over $71 million in capital. These whales now hold 5.57 billion ADA, representing around 15.4% of the total supply, indicating growing long-term confidence in Cardano’s future.

This rally is not solely driven by price speculation. The Cardano Foundation recently announced a $22.1 million investment into the ecosystem for 2024, a 15% increase over the previous year. Additionally, Polymarket predicts that the chances of a spot ADA ETF getting approved in the U.S. have soared to 89%, signaling growing confidence from the crypto community. “The odds for a standalone Cardano $ADA ETF being approved this year hit an all-time high. The market now expects an 89% chance of SEC approval before the end of the year,” the platform tweeted.

Technical analysts have also weighed in on ADA’s potential. Popular technical analyst Ali Martinez noted that the last time ADA hit the 0.54 support level, it surged over 50%, suggesting the pattern could repeat. “It’s happening again,” the analyst said, with a prediction that buying could take ADA to $0.84. Elsewhere, analyst Deezy highlighted that ADA is now testing its 50-week exponential moving average, a key technical indicator. In the past, breaking above this threshold triggered gains of 212% and 128%, averaging a 170% increase. As per the analyst, if history repeats, ADA could be on track to reach $1.77.

At the time of reporting, ADA is trading at $0.75, reflecting a 6.52% gain in the last 24 hours. The surge in ADA’s price and the significant investment into the Cardano ecosystem suggest a bullish outlook for the cryptocurrency. The growing confidence from whales and the potential approval of a spot ADA ETF further support this optimistic view. However, it is important to note that the cryptocurrency market is volatile, and future performance may not align with current trends. Investors should conduct thorough research and consider all factors before making investment decisions.