Cardano (ADA) Surges Nearly 50% as Trump Pushes for Crypto Strategic Reserve
Key NotesDonald Trump announced the creation of a US crypto reserve including SOL, ADA, XRP alongside BTC and ETH.The announcement resulted in ADA skyrocketing a massive 47% in 24 hours, claiming a daily high...
Key Notes
- Donald Trump announced the creation of a US crypto reserve including SOL, ADA, XRP alongside BTC and ETH.
- The announcement resulted in ADA skyrocketing a massive 47% in 24 hours, claiming a daily high of $1.13.
- Whales have scooped over 130 million ADA tokens in the last 3 days, adding to the excitement.
Cardano ADA $0.73 24h volatility: 2.3% Market cap: $26.12 B Vol. 24h: $1.16 B has experienced a massive price rally, surging by 46.77% in the past 24 hours to trade at $0.9731. This explosive movement was accompanied by a staggering 1,807.04% increase in trading volume, which reached $10.74 billion.
As a result, ADA climbed to the eighth spot in the cryptocurrency rankings. The altcoin recorded a daily high of $1.13 from a low of $0.6461 but remains 68.46% below its all-time high (ATH) of $3.10. The sharp price surge in ADA followed a major political development. United States President Donald Trump directed a working group to move forward with establishing a Crypto Strategic Reserve.
Trump’s Announcement Fuels ADA Rally
The US crypto reserve is set to include Cardano ADA $0.73 24h volatility: 2.3% Market cap: $26.12 B Vol. 24h: $1.16 B , Solana SOL $133.3 24h volatility: 6.1% Market cap: $67.99 B Vol. 24h: $4.25 B , and XRP XRP $2.45 24h volatility: 6.6% Market cap: $142.23 B Vol. 24h: $10.34 B alongside Bitcoin BTC $85 559 24h volatility: 3.0% Market cap: $1.70 T Vol. 24h: $38.09 B and Ethereum ETH $2 016 24h volatility: 4.1% Market cap: $243.17 B Vol. 24h: $21.30 B , which Trump described as forming the “heart” of the reserve. The initiative aims to bolster the cryptocurrency industry after Trump labeled it as “years of regulatory hostility” under the previous administration.
The announcement has sparked a massive influx of capital into ADA and other digital assets after a massive crash in the past week. Bitcoin dropped below $90,000 and reached a low price of $78,000 as February ended. However, the market leader has recovered and BTC trades above $92,000 at press time.
Cardano On-Chain Activity Soars
On-chain metrics reveal growing investor confidence in Cardano. Large investors holding between 10 million and 100 million ADA have aggressively accumulated tokens following the recent price drop to $0.57, reveals Santiment data. Over the past three days, these whales have added well over 130 million ADA to their holdings.
DappRadar shows a 157% surge in unique active wallets (UAWs) on the Cardano network over the past 24 hours, reaching 3,720. Additionally, daily transactions on the Cardano blockchain have spiked by over 200% to 17,120. Cardano’s total value locked (TVL) also jumped significantly, rising 38.87% to $499 million on March 3, shows DefiLlama.
ADA Price Analysis
The daily chart of ADA provided by TradingView below reveals significant volatility for Cardano with a long wick to the upside, signaling strong resistance near $1.13. The price is currently hovering around $0.97 after retracing from the highs.
A key support is at $0.77, the middle Bollinger Band (20-day SMA). If ADA holds above this, the bullish momentum could persist. Furthermore, the $0.54 price level was the recent local bottom and serves as a strong demand zone. A break below this level would invalidate the current rally.
Source: TradingView
While the ADA price action broke above the upper Bollinger Band at $0.9989, the level is currently being tested as support. If ADA holds here, higher prices could be possible. Also, the Relative Strength Index (RSI) has spiked to 60.03, approaching the overbought region, but a sharp pullback can be seen on the daily chart, suggesting intense selling pressure after the price surge as traders capitalize on the gains.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Altcoin News, Cryptocurrency News, News
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
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