- Cardano’s ADA reached a 2.5-year high of $0.90, gaining 152% this month.
- Whale holdings now exceed $12 billion, indicating strong accumulation.
Cardano’s native token ADA surged to a 2.5-year high of $0.90 on Friday, marking its strongest performance since May 2022. This rally reflects growing interest from large investors and institutions, positioning the token for further gains.
Cardano is currently trading at $0.8853 on Friday, its highest level since May 2022. The token surged 12.57% in 24 hours, supported by rising on-chain activity and institutional interest. ADA’s market capitalization climbed to $31.03 billion, making ADA the 10th-largest digital asset globally. while its trading volume jumped 22.73% to $3.48 billion in the past day.
Its market capitalization now stands at $30.85 billion, making ADA the 10th-largest digital asset globally. On-chain data shows whales are driving this rally. These high-value addresses, holding over $10 million worth of ADA, now collectively own more than $12 billion of the token. Tagus Capital noted a 300% increase in large transactions involving ADA over the past two weeks, highlighting significant institutional participation.
Capital rotation from Bitcoin (BTC) to alternative cryptocurrencies is contributing to ADA’s rise. Bitcoin recently crossed $99,000, approaching the $100,000 milestone, which has fueled excitement across the crypto market. Amid this bullish sentiment, Cardano’s proof-of-stake blockchain is drawing attention for its scalability and potential use cases.
Charles Hoskinson, Cardano’s founder, hinted at possible collaborations with the Trump administration to promote crypto-friendly policies. This development has amplified sentiment around ADA, according to Tagus Capital’s latest report.
Cardano In Today’s Market
The technical indicators for Cardano’s ADA highlight its strong bullish momentum. The current support level lies at $0.5778, providing a solid base for any potential retracement, while the price is testing resistance at $0.92. A breakout above this resistance could propel ADA towards the psychological $1.00 mark, with further upside possible if buying momentum persists.
The Relative Strength Index (RSI) stands at 85.95, indicating overbought conditions, while the RSI average of 80.80 suggests sustained bullish activity. However, such levels often signal the possibility of a short-term consolidation or minor pullback before the next upward move. Moving averages reinforce the bullish sentiment, with the 9-period moving average at $0.7477 and the 21-period moving average at $0.5778, both significantly below the current price.
The recent golden crossover, where the short-term moving average crossed above the long-term moving average, confirms a robust uptrend and indicates the potential for continued price increases. If ADA successfully breaks above $0.92, the next target could be $1.00, which serves as both a psychological barrier and a key resistance level.
However, a failure to sustain this momentum could see prices revisiting support levels near $0.7477 or even $0.5778. Despite the overbought conditions, the golden crossover and overall momentum suggest that ADA is well-positioned for further gains in the near term, particularly if it continues to attract institutional interest and large-scale accumulation.
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