Cardano network growth is on the rise with daily active addresses reaching 50,828 while ADA token briefly claimed $1 and then dropped to 98 cents later.
ADA ADA $0.68 24h volatility: 2.6% Market cap: $24.49 B Vol. 24h: $859.79 M , the native token of Cardano, Charles Hoskinson’s layer 1 project, successfully reclaimed the $1 price level in the past 24 hours but then dropped below it. However, the altcoin could potentially skyrocket in the coming days as the network activity for the blockchain shows immense strength with daily active addresses hitting higher highs and reaching 50,828.
As pointed out in a post on social media platform X (formerly Twitter) by Ali Martinez, a well-known analyst in the crypto space, the network activity on the Cardano blockchain is on the rise. Meanwhile, Hoskinson recently confirmed that big developments are in store for the blockchain, including the integration of Bitcoin BTC $92 221 24h volatility: 1.7% Market cap: $1.83 T Vol. 24h: $36.73 B and Cardano, which will materialize in May 2025.
According to the data from CoinMarketCap, ADA is trading at $0.9893 at the time of writing, up 1.81% in the past 24 hours and 12% in the last 30 days. The cryptocurrency is trading at a discount of 68.05% from its all-time high of $3.10 witnessed during the previous bull run of 2021. This cycle, the cryptocurrency attained a high of $1.32, soaring massively from the yearly low of $0.2799.
Additionally, market participants also highlighted the potential approval of a spot ADA exchange-traded fund (ETF) in the United States under the pro-crypto administration of Donald Trump. CoinMarketCap also lists Cardano as one of the crypto projects that are “made in America”. Trump has made promises that digital currencies issued by firms operating in the US would benefit the most under his administration.
ADA Technical Analysis
ADA, the ninth-largest digital asset with a valuation of $34 billion, faces resistance at the $1.10 price level and another at the $1.50 price level. In order to confirm an uptrend, the cryptocurrency needs to reclaim these price levels and make way for the $2 price tag.
Additionally, the ADA daily price chart provided by TradingView below shows that the MACD indicator for the altcoin’s price action has confirmed a bearish divergence. The signal line (red) has broken above the MACD line (blue), and the MACD histogram has turned red with ADA losing the $1 price level after claiming a daily high of $1.03.
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Source: TradingView
On the other hand, the Relative Strength Index (RSI) reads a value of 48.31 which means that the bears and the bulls are almost at par and a breakout to either side is possible. The gradient of the RSI line suggests consolidation between $0.90 and $1.10 as attempts to break the resistance continue.
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