Cardano's ADA Surges 9.43% as Bullish Trends Emerge

Cardano founder Charles Hoskinson has expressed his belief that the price of ADA, the native cryptocurrency of the Cardano network, is on the brink of a significant surge. This optimism comes after a chart analysis by investor Rick McCracken, who suggested that ADA is poised for a substantial price increase, describing it as being on the verge of a “face-melting rip.” Hoskinson echoed this sentiment, noting that the full bullish trend for ADA has yet to materialize, indicating that the current market conditions are just the beginning of a larger upward movement.

Hoskinson’s remarks follow a notable surge in ADA’s price on Thursday, which coincided with a broader rally in the cryptocurrency market. This surge aligns with a new Cardano price risk model, which suggests that the bull market for ADA is still in its early stages. The model, analyzed by Dan Gambardello, founder of Crypto Capital Venture, indicates that ADA’s Long-Term Risk Score is currently at 37, categorized as a “Moderate Buy.” Gambardello emphasized that while the price has increased by 37% historically, this suggests that the bull market for Cardano has not yet begun. The risk model classifies ADA’s risk level as moderate, which is favorable for investors looking to enter the market early in the cycle.

In addition to technical indicators, on-chain metrics reveal encouraging signs for ADA. Data highlights a notable increase in network activity, with new addresses growing and active addresses rising. These figures suggest that more users are engaging with the Cardano network, which typically precedes price surges. Whales have also been accumulating ADA at a high rate, anticipating a major price surge. Popular crypto analyst Ali Martinez presented a chart illustrating ADA’s movement within a descending parallel channel over the past two weeks. While ADA has faced resistance near $0.72, Martinez believes a breakout above this resistance could trigger a rise toward the $0.80 level, signaling a potential upward breakout.

At the time of reporting, ADA was trading at $0.73, reflecting a 9.43% surge in the past 24 hours. While the current price is still far from its 2021 all-time high of $3.10, analysts view it as an attractive entry point for those anticipating a major price surge. The coin also saw a significant increase in its 24-hour trading volume, reaching $952.6 million. This surge in trading volume, coupled with the positive on-chain metrics and technical indicators, suggests that ADA is poised for further growth as the bull market begins to take shape.