ADA to $1? — Cardano Rockets 15% In 24 Hours, Dominates Market With $1.72 Billion Volume

Cardano (ADA) has performed strongly through the week with a surge of 15% within the past 48 hours, outpacing all top 10 coins by market capitalization.

Notably, the surge, particularly on Friday when it hit a $0.77, commanded over $1.72 billion in the daily trading volume.

The move comes at a time when Bitcoin is holding firm above the $117,000 mark, giving room for altcoins like ADA to gain momentum. Cardano’s sudden rise has sparked reactions from various analysts in the crypto market, making it one of the most watched altcoins this week.

Notably, following this week’s performance, Cardano Founder Charles Hoskinson shared on his X page a question that was to prove that far from collapsing critics, ADA has surged, which is fueled by a significant buying pressure.

“Remember when we were told that a 100-million-dollar trade of ADA would collapse the price?’ Charles asked.

Notably, recent whale accumulation has added weight to ADA’s bullish momentum. Data reveals that large holders, those with between one and ten million ADA, scooped up 120 million tokens over the past two weeks, amounting to over $71 million in capital, with more whales doubling down on more purchases Friday. These whales now hold 5.57 billion ADA, representing around 15.4% of the total supply, suggesting growing long-term confidence in Cardano’s future.

However, this rally isn’t driven by price speculation alone. The Cardano Foundation recently disclosed a $22.1 million investment into the ecosystem for 2024, a 15% increase over the previous year.

On the other hand, Polymarket predicts that the chances of a spot ADA ETF getting approved in the U.S. have soared to 89%, signaling growing confidence from the crypto community.

“The odds for a standalone Cardano $ADA ETF being approved this year hit an all-time high. The market now expects an 89% chance of SEC approval before the end of the year,’’ the platform tweeted.

That said, popular technical analyst Ali Martinez noted that the last timed ADA hit the 0.54 support level, it had surged over 50%, suggesting the pattern could repeat.

“It’s happening again,’’ the analyst said with a prediction that buying could take ADA to $0.84, “a buying spike could send $ADA to $0.84.”

Elsewhere, analyst Deezy highlighted that ADA is now testing its 50-week exponential moving average, a key technical indicator. In the past, breaking above this threshold triggered gains of 212% and 128%, averaging a 170% increase. As per the analyst, if history repeats, ADA could be on track to reach $1.77.