Cardano (ADA) showed strong bullish momentum over the past 24 hours. Its price surged by 5.07%, climbing from $0.6643 to $0.6981. At one point, ADA even touched a 24-hour high of $0.7153 before settling just below the $0.70 mark.
Volume surged significantly too, up 51.29% in a single day, totaling $1.06 billion. This sudden spike in volume often signals renewed investor interest. The market cap also followed suit, now standing at $24.63 billion—up 5.07% alongside the price. Clearly, Cardano is seeing fresh buying pressure.
ADA Supply Stats Remain Solid
Cardano currently has a circulating supply of 35.29 billion ADA, with a total supply nearing 45 billion. Its fully diluted valuation (FDV) sits at $31.41 billion. These figures suggest that while ADA is still far from max supply, its valuation is climbing steadily in tandem with demand.
Related article: Cardano Faces Declining Sentiment as Whales Sell 170 Million ADA, Price Trends Lower
Though ADA has rallied nicely in the short term, it’s still down 77.52% from its all-time high of $3.10, recorded back in September 2021. On the flip side, it’s up an astounding 3914.84% from its all-time low of $0.01735, set in October 2017. This long-term upside keeps investors watching closely.
Technical Outlook: Bullish Trend Emerging
The day’s price chart reveals a strong upward trend that started around midnight. ADA broke through resistance levels steadily, peaking late afternoon. While the price slightly corrected near the end of the session, it maintained bullish support above $0.69. This resilience is a positive signal for short-term traders.
24-hour price chart. Source: CoinMarketCap
Cardano’s recent price spike reflects growing market confidence. Strong volume and steady supply fundamentals support the rally. While it’s still a far cry from previous highs, ADA is showing signs of renewed life.
If momentum continues, ADA could test the $0.72 resistance soon. Still, traders should remain cautious of volatility.
