Cardano Hits 2.5-Year High, Eyes Further Gains with Strong Momentum

• Cardano surges 11% in 24 hours, reaching $0.93 and marking a 176% gain since Nov. 5.
• Rising funding rates and liquidations highlight strong demand for ADA long positions.
• Technical indicators suggest $1.20 as the next potential milestone for ADA bulls.

Cardano’s ADA token has reached a 2.5-year high, trading at $0.93 on November 22 after an 11% daily increase. This rally adds to a 176% surge in its price since November 5, reflecting renewed investor confidence in the layer-1 blockchain.

Broader Crypto Market Gains Bolster ADA

Cardano’s growth comes as the cryptocurrency market rallies, led by Bitcoin, which reached an all-time high of $99,502. Ethereum also saw gains, trading above $3,330, while Solana and XRP showed strong upward movements. The total cryptocurrency market capitalization now stands at $3.28 trillion.

Analysts attribute this bullish sentiment to expectations of a more favorable regulatory environment under President-elect Donald Trump’s administration. Trump’s promises to remove Gary Gensler from his role as SEC Chair have further fueled optimism among crypto investors.

Source: TradingView

Technical Indicators Point to Further Upside

Data shows that ADA’s funding rates have spiked, signaling strong interest in long positions. Short liquidations totaled $3.17 million on November 22, with demand zones forming around $0.80, supported by the weekly 200 SMA.

Pseudonymous analyst Sssebi noted limited resistance up to $1.20, suggesting further upward momentum. Technical charts reveal that ADA has flipped key levels into support, including the 100-week and 200-week SMAs, indicating strong bullish sentiment.

As Cardano continues its ascent, investors are eyeing $1.20 as the next significant milestone.