Cardano (ADA) has posted a solid comeback in the past 24 hours, climbing 4.44% to trade at $0.7112. After dipping as low as $0.6565, ADA bounced back strongly, peaking at $0.7108 as bullish momentum swept across the crypto market. This sharp rise highlights growing investor interest amid broader market optimism.
At the time of writing, ADA ranks #9 by market cap, now valued at $25.11 billion. Trading volume also surged 22.88% to reach $785.14 million in just a day. This sharp increase in volume often signals stronger buying pressure, suggesting that ADA’s rally may not be a short-term spike.
Market Activity and Supply Overview
Cardano’s fully diluted valuation (FDV) stands at $32 billion, while its circulating supply is currently 35.3 billion ADA out of a total supply of nearly 45 billion. The token’s volume-to-market cap ratio for the day sits at 3.11%, indicating healthy liquidity and investor activity. With ADA still far from its all-time high of $3.10, set on September 2, 2021, the current price reflects a 77.07% decline.
Related article: Cardano Faces Resistance at $0.67, Yet 410M ADA Whale Accumulation Sparks Hope
However, compared to its all-time low of $0.01735 in October 2017, ADA has skyrocketed nearly 4000%. The 24-hour chart shows ADA opening at $0.6826 before entering a downward trend during the mid-day session.
24-hour price chart. Source: CoinMarketCap
Prices touched the day’s low around $0.6565 before rebounding sharply. By early morning on May 8, ADA broke past multiple resistance levels, peaking above $0.71. The green trend continued through the session’s final hours, signaling continued bullish sentiment.
What’s Driving the Momentum?
Investors are likely responding to increased development activity and updates within the Cardano ecosystem. With the altcoin market heating up, ADA appears to be attracting attention as a long-term play. Technical patterns show potential for more upside if momentum continues.
Related article: Whales Load Up on ADA: Is a Breakout Past $0.75 Coming?
That said, resistance near the $0.72–$0.75 range may slow further gains unless trading volume keeps rising. ADA’s short-term surge hints at a growing appetite for altcoins.
While it’s still far from its former highs, today’s price action shows resilience. If bullish sentiment holds, ADA could push higher in the coming days. For now, all eyes are on whether this rally gains strength or stalls near current levels.
