Why is Cardano up today? Looking into ADA’s 6% rally

    Cardano traded above a critical support level of $0.3172 at press time.
    ADA’s holders in profit turned bullish as well.

As a seasoned researcher who has navigated through numerous market cycles and observed the evolution of various blockchain projects, I must admit that the recent surge in Cardano [ADA] is indeed a breath of fresh air. After what seemed like an endless period of decline, ADA’s 6.31% jump in the last 24 hours and 11.39% over the past week has caught my attention.


After a prolonged downturn, it appears that Cardano [ADA] is beginning to exhibit renewed vitality. In the previous 24 hours, this altcoin has experienced a significant increase of 6.31%, and over the last seven days, it has seen an even more striking growth of 11.39%.

This surge has increased the market cap of ADA to $13.4 billion, marking a 6.26% increase.

The trading volume for Cardano has surged by approximately 29.6%, reaching a total of $351.6 million, as reported by CoinMarketCap. This suggests a revitalized level of investor attention.

Support level holds strong

Currently, at the time of reporting, Cardano (ADA) was being traded slightly above a crucial resistance point, approximately $0.3172. This significant level has demonstrated its strength, functioning as a catalyst for the recent surge in price.

If ADA maintains this support, it could experience sustained upward movements.

Why is Cardano up today? Looking into ADA’s 6% rally

The charts displayed a sequence of higher lows, which generally mean an uptrend continuation.

In simpler terms, the random RSI (Relative Strength Index) indicated an area where ADA was overbought, hinting at potential temporary declines before further upward momentum could occur.

ADA paints a bullish picture

Analyzing the blockchain details revealed some encouraging indicators. Notably, there was a 14% increase in significant transactions, suggesting that either institutional investors or ‘whales’ are becoming increasingly engaged.

This often happens when there are high-value transfers that precede price rallies.

Why is Cardano up today? Looking into ADA’s 6% rally

Furthermore, there was a 7% increase in the number of profitable holders, bringing the total to 21.51%. Although it’s still relatively small, this growth indicates that investor confidence is slowly gaining momentum.

Why is Cardano up today? Looking into ADA’s 6% rally

Speaking as a crypto investor, I’ve noticed a significant surge in the Total Value Locked (TVL) for Cardano lately. This upward trend suggests growing confidence in the DeFi system of Cardano, further stoking optimism among those betting on ADA.

Why is Cardano up today? Looking into ADA’s 6% rally

ADA’s recent actions suggest a potential change in market sentiment. With increasing large trades, heightened holder profits, and a successful technical breach, there are several encouraging signs indicating possible future expansion.

Nevertheless, a significant amount of doubt persists across the broader cryptocurrency market, with Cardano (ADA) yet to reclaim its record peak values.

Read Cardano’s [ADA] Price Prediction 2024-25

Anticipation of the Chang hard fork?

Chang’s hard fork may have played a key role in ADA’s recent performance.

On August 27th, as Altcoin Daily announced, I eagerly await the network upgrade that’s coming our way. This update is set to bring about innovative new features such as Plutus V3 and on-chain governance, all aimed at enhancing the platform’s scalability for a smoother user experience.

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2024-08-23 02:47