Cardano’s Surging Trading Volume: ADA to $2 On The Horizon?

Jaxon Gaines
cardano ada
Source: Altify

According to market analyst Lingrid, Cardano (ADA) recently surged past a descending channel and reclaimed key multi-month resistance with strong momentum. The asset made a decisive breakout from a consolidation wedge and a clean push above the $0.75 mark. “Price action now consolidates just below the $0.90 mark, preparing for a possible continuation toward the $1.00–$1.05 target zone,” the ADA analyst said. “A sustained hold above the former resistance line signals structural strength and growing bullish pressure.”

Cardano is currently one of the leading cryptocurrency tokens out there in terms of development. The token is always busy exploring new approaches to diversify its ecosystem. ADA has recently launched Midnight, a sidechain that prioritizes data security and privacy. In addition to this, Cardano founder Charles Hoskinson has also shared how he believes Cardano has the might and mettle to surpass Ethereum in all ways and senses.

ADA fell as much as 5% towards the end of this past week. Looking at its price dips, ADA could be falling due to Bitcoin (BTC)’s corresponding decline. BTC is down by less than 1% in the weekly charts. Investors may be realocating their capital, pivoting away from altcoins and memecoins, such as Dogecoin (DOGE) and Cardano (ADA). The crypto market bearishness may have also been triggered by the European Monetary Policy Statement and the European Central Bank’s press conference.

Also Read: Cardano Eyes $1.20, Per Analyst: Can ADA Beat Ethereum?

Despite its dip, analysts like Lingrid are still optimistic that the altcoin is consolidating. As long as ADA remains above the $0.75 lower, it has the potential to rebound to the $1.00 mark and eventually $2. Furthermore, the Cardano ecosystem is steadily working on expanding its operations, attracting investors to its native ADA cryptocurrency. The blockchain is one of the most energy-efficient chains at present, using 50,000x less energy than most of the blockchains out in the world.

Crypto pundit Dan Gambardello believes that Cardano has all it takes to breach $2. In a post to X, Gambardello stated, “Cardano might need to take a little breather, but this is definitely the moment for ADA to break through its bull market doors and make its way towards $2 and beyond.”