Cardano (ADA) is currently riding on a bullish market momentum, with a crucial resistance ahead of the coin. ADA has jumped by more than 16% in 24 hours to the $0.44 range.
Whale activities are also on the rampage at the moment, as ADA pushes to the top 9 position in the crypto market.
Cardano Returns to Multi-Month High As Price Retakes 9th Position
The current price surge has pushed ADA to the highest value it has seen in months. Cardano fell from the top ten crypto position earlier this year, giving way to Toncoin (TON) and later TRON (TRX). However, a recent increase in the price of ADA has reintroduced it into the spotlight.
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ADA is now officially the 9th-biggest cryptocurrency by market capitalization, according to market data. ADA’s price has surged by 33.88% in the past few days, to $0.4436, its highest level since late July.
According to Santiment, ADA’s price has pumped over 25% in the last three days, demonstrating its resilience in the market. With ADA’s recent surge, Santiment anticipates some retail FOMO ahead.
This upward movement in price has pushed ADA’s market capitalization to $15.2 billion. The impressive growth shows that people are getting interested in ADA again. This is further reinforced in ADA trading volume, which increased by 165% to over $1 billion.
Meanwhile, recent IntoTheBlock data shows about 3.2 billion ADA supply might trigger the next crucial resistance. A strong breakout could spur additional buying interest and support the trend’s continuation as ADA continues to receive market attention.
However, the state of the market and the degree of bullish momentum will determine how long this rally lasts. ADA may establish a strong uptrend if buyers keep control and volume rises.
Whale Transactions in Blowout Mode
Whale activities on Cardano are also a major factor to watch as ADA rides on its current price rally. According to IntoTheBlock data, this metric skyrocketed by 12.9% in just 24-hours, with cumulative volume reaching $8.5 billion.
This figure shows more traders are betting on the coin. For context, whale transactions are defined as those worth at least $100,000 and completed within a certain time frame.
The IntoTheBlock data shows that a total of 37,310 related transactions were moved within a 24-hour period. In ADA terms, this $8.5 billion figure translates to about 19.3 billion coins.
Cardano is one of the most well-known Layer-1 protocols with a high affinity to attract whales. This is a positive sign for investors who are betting on the coin’s future. This whale boost has the potential to supercharge further growth for ADA.
ADA Price and Future Projections
As of this writing, ADA price was trading at $0.4435, up 18.9% in the last 24 hours. Market participants anticipate ADA to reclaim highs, following the ongoing bull market. The Cardano price prediction for 2024 indicates potential growth. One crypto analyst claims ADA could reach as high as $2.41.
Optimistic projections suggest that the Cardano price could break through important resistance levels and reach $5 in the long run. This forecast is based on a more bullish comeback of the broader crypto market and continuous development in the Cardano ecosystem.
