Cardano Records 28.45B ADA Transactions In 24 Hours: Will ADA's Price Reach $1 This Month? – CryptoMode

The Cardano network has processed 28.45 billion ADA transactions in 24 hours, fueling anticipation that the token’s price might soon reach $1.

According to IntoTheBlock data, ADA whale activity has increased, with 28.45 billion ADA (worth approximately $14.9 billion) transacted in the last day. This high trade volume shows that large investors are rekindling their interest in ADA, which could accelerate its upward price momentum.

Cardano Ownership by Concentration. | Source: IntoTheBlock

Increased Demand from Large Holders

Notably, the 7-day large holding inflow increased by 393%, while the 90-day inflow increased by 2,855%, indicating consistent buying pressure that could fuel ADA’s price ascent. Two elements are driving this rally.

First, Bitcoin’s recent gains, which often positively impact the broader crypto market, have boosted the total cryptocurrency market cap to more than $3 trillion. In addition, Cardano founder Charles Hoskinson also disclosed that he had received a letter to be among the discussants on US crypto legislation.

ADA Regains Top 10 Spot

ADA’s price has increased by 72.59% in a week, pushing its price to $0.6489, a figure last seen in April 2024 before retracting to 7% to the current $0.5732. This rally coincides with Bitcoin’s recent price gains.

Cardano 7-Day Price Chart | Source: Coinmarketcap

The surge has pushed Cardano, with a $20 billion market cap, back into the top 10 cryptocurrencies after it lost the spot to Tron and Toncoin in recent months.

Can ADA Rally To $1?

The coin’s recent bullish performances have reignited speculation among ADA enthusiasts of a possible surge above the $1 mark. However, technical indicators don’t provide the same level of optimism.

Coinmarketcap data shows that ADA’s 24-hour trading volume plummeted 4.37%, suggesting that some investors are selling their tokens for profits. In addition, ADA’s RSI is in overbought territory, which could temporarily halt its rise.

Once profit-taking stops, bullish investors may return, perhaps driving ADA closer to $1 if current conditions persist. If ADA’s price reverses, it could find support around $0.5, perhaps stabilizing its price.

However, with large investments backing Cardano, the $1 aim remains achievable in the short term.