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TL;DR
- Cardano’s ADA surged substantially last month and reached $1.12. Analysts predicted a further rise above $1.20 and long-term targets up to $5.
- Daily active addresses hit a 17-month high, signaling increased network engagement and potential for additional price growth.
ADA to Resume the Rally Soon?
Cardano’s ADA has performed quite well in the past month, with its price soaring by approximately 180%. On November 23, it briefly surged to $1.12, the highest mark observed in more than two years. Currently, ADA is worth around $0.88, plunging alongside the broader market correction.
Numerous analysts and popular industry participants remained unfazed by the recent pullback, envisioning new peaks in the near future. X user Mihir noted a “double bottom” on the one-hour chart, claiming that ADA might be gearing up for a bounce above $1.20.
Sssebi and Jake Gagain chipped in, too. The former maintained that retreats of that type are “good for ADA after such bullish momentum.” The analyst even promised to buy more tokens if the price dips to $0.80.
The crypto content creator Jake Gagain placed himself among the biggest bulls, predicting a rise to a new all-time high of $5 during this cycle.
Dan Gambardello also gave his two cents. He reminded that ADA pumped to $3 during the previous bull run in 2021 when “it didn’t even have the native token feature yet.”
“And now Cardano is an actual contender to be a federal election & financial operating system of the world,” he added.
Recall that Cardano’s founder, Charles Hoskinson, recently said he would be working alongside the Trump administration to establish more favorable and comprehensive crypto regulations in 2025. In fact, his statement marked the start of ADA’s impressive rally.
This Metric Signals Good News for Bulls
Despite ADA’s substantial retreat in the past 24 hours, some on-chain indicators suggest that the price might head north soon. One of those is the increase in the daily active addresses.
On November 25, the figure pumped to its highest level since June 2023 (according to IntoTheBlock’s data). The resurgence means that more users interact with the Cardano blockchain (such as making transactions, deploying smart contracts, or engaging with decentralized applications (dApps)). For its part, the heightened engagement can be a precursor of a price rally of the underlying asset.
Meanwhile, we recently released a video with some of the major developments surrounding Cardano. Check it out here:
This article first appeared at CryptoPotato
