Cardano Price Surges Again, Leading to a 30-Month High; Breakout to $1 Incoming?

• Cardano’s ADA rose to $0.762, peaking at $0.820 on November 16, its highest in 30 months.
• Cardano Foundation’s 2023 report revealed $19.22 million spent on adoption, education, and resilience efforts.
• Total value locked in Cardano grew by 101% in two weeks, signaling increased ecosystem engagement.

Cardano’s native token, ADA, climbed 5% over the last 24 hours, trading at $0.762 on November 18. This rise follows a two-week rally that saw the token reach $0.820 on November 16, marking its highest level in 30 months. Increased on-chain activity and strategic investments in the ecosystem are believed to have contributed to the price growth.

Cardano Foundation Details Investments and Achievements

The Cardano Foundation’s financial report for 2023, published on November 13, highlighted $19.22 million allocated to adoption initiatives, educational projects, and operational improvements. Specific achievements include the launch of Aiken, a programming tool designed to simplify smart contract development, and the Cardano Summit 2023 in Dubai, which underscored the foundation’s focus on education and regulatory clarity.

The report also revealed that Cardano closed the year with an asset portfolio valued at $478.24 million, primarily held in ADA tokens. CEO Frederik Gregaard emphasized transparency in resource allocation and the foundation’s role in advancing blockchain as a public utility.

Source: TradingView

Network Activity and Price Momentum

Cardano’s blockchain has recorded 99.07 million transactions since its inception, reflecting growing adoption and activity within its ecosystem. Recent data from Input Output Global shows an expanding network, with over 10.5 million native tokens and nearly 2,000 projects under development.

The total value locked (TVL) in the Cardano network surged by 101%, rising from $233 million on November 6 to $470.7 million by November 18, according to DefiLlama. Analysts link this rise in TVL to increased demand for ADA tokens, contributing to the ongoing bullish price movement.

From a technical standpoint, ADA’s price is forming a bull flag pattern, suggesting a potential continuation toward $1.11—a level last seen in April 2022. With a neutral relative strength index of 59, the likelihood of a major pullback appears limited, reinforcing optimism for further growth.