Cardano Surges 30% in 24 Hours as $1 Billion Volume Sparks Bullish Speculation

Cardano (ADA) experienced a significant surge in trading volume, hitting $1 billion in a 24-hour period—nearly a 30% increase from the previous day. This unexpected rise has fueled optimism among investors, with some analysts suggesting it could indicate whale accumulation at a favorable entry point. The token's price climbed to $0.75 following the volume spike, offering a potential reversal in its recent downward trend [1].

Despite the positive momentum, ADA remains the second-worst-performing token among the top 10 cryptocurrencies on a year-to-date basis, having lost 11% of its value. The surge in volume and price comes after weeks of consolidation and a 7-day recovery, which has trimmed earlier bearish losses [1].

Notably, Cardano's founder, Charles Hoskinson, has reiterated his belief that ADA offers a more attractive investment opportunity than Bitcoin (BTC). He cited ADA’s smaller market cap and expanding use cases as key advantages, potentially positioning it for stronger returns in the future [1]. Analysts, including well-followed trader CryptoSmith0x, have echoed bullish sentiments. He pointed to a "cup and handle" pattern in ADA’s price action and projected a breakout to $0.92, with a longer-term target of $4.00 or higher [1].

The price has also tested key support levels, particularly around $0.69, and is now approaching critical resistance at $0.75. Analysts suggest that a successful breakout above this level could trigger a larger move toward $0.80, $0.86, and eventually $0.95. A breakout of the descending triangle pattern could further validate a bullish Cardano price prediction over the coming months [1].

However, the current price action remains highly volatile, and confirmation of a sustained upward trend will depend on whether ADA can maintain above $0.80. If it fails to do so, further consolidation or a pullback could be expected before the next potential rally [1].

ADA’s recent performance has also drawn attention to the broader cryptocurrency market’s recovery and the potential for new regulation in the U.S. to favor altcoins like Cardano, especially if they continue to demonstrate real-world use cases and innovation [1].

Source: [1] Cardano Price Prediction: $1 Billion in Trading Volume Appears Overnight – Is Smart Money Loading Up on ADA? (https://cryptonews.com/news/cardano-price-prediction-1-billion-in-trading-volume-appears-overnight-is-smart-money-loading-up-on-ada/)