Cardano Surges 8% in a Day: Is ADA Gearing Up for a Major Comeback?

Cardano (ADA) is back in the spotlight after jumping 8.04% in the past 24 hours, reaching $0.6041. This move saw ADA break past the key psychological resistance of $0.60, signaling renewed buying interest. The bullish breakout began near $0.5578 and peaked at $0.6105 before cooling slightly. Still, ADA held firm above the $0.60 line, suggesting buyer strength.

Trading Volume Soars 55%

One major driver behind ADA’s rise is the sharp 55.59% increase in trading volume, which climbed to $1.09 billion. This uptick in activity signals strong investor confidence, particularly among short-term traders. Cardano’s market cap also rose in tandem, now sitting at $21.37 billion. Meanwhile, its fully diluted valuation (FDV) is $27.18 billion, based on the total 45 billion ADA supply. At the moment, 35.37 billion tokens are in circulation.

ADA’s volume-to-market cap ratio now stands at 5.11%, indicating solid liquidity and meaningful market engagement. These metrics reflect more than just a sudden price increase, suggesting a deeper level of market interest.

Long-Term Picture: ADA Still Has Ground to Cover

Despite today’s pump, ADA remains 80.51% below its all-time high of $3.10, set in September 2021. Yet, zooming out reveals a 3,380.81% gain from its all-time low of $0.01735 back in October 2017. This highlights ADA’s extreme volatility but also its strong upside potential over longer cycles.

_{Source: CoinMarketCap}

If Cardano can maintain support above $0.60, momentum could build toward the $0.62 zone and beyond. However, traders will be cautious of potential resistance, especially with the market still facing macro uncertainty.

Cardano’s 8% daily jump is more than just a temporary spike; it’s backed by volume, sentiment, and technical strength. With ADA showing signs of renewed confidence and reclaiming a crucial price level, the next few sessions will be key. If the bulls remain in charge, ADA may be setting the stage for a stronger rebound.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.