Cardano (ADA) has witnessed a remarkable surge in trading volume, coinciding with a price recovery. The shifting dynamics of the market, influenced by the potential approval of the Bitcoin spot ETF, continue to shape market trends. In the past 24 hours, ADA has experienced a significant increase in trading volume, surpassing $900 million, which represents a surge of over 100%. It is worth noting that this data includes both spot and derivatives markets, as reported by CoinGlass. Interestingly, this surge in trading volume aligns with a recovery in ADA’s price.
According to our data, ADA has seen a rise of more than 6%, marking a recovery for the digital asset. However, it is important to mention that ADA had experienced a loss of around 17% in the previous seven days. At present, ADA is being traded at $0.5199.
The current prices reflect a notable decline from the altcoin’s 12-month high of $0.6755 at the end of 2023. Despite this recent drop, investors remain optimistic that ADA will surpass this high in the new year.
Throughout this month, ADA has consistently shown an increase in trading volume. Additionally, there has been a rise in whale activity, as reported by CNF. Crypto analyst Ali stated that whales have purchased more than 14 million ADA, equivalent to approximately $8.40 million, in the last two weeks. Ali further revealed that Cardano’s price movement is mirroring its pattern from 2018 to 2020.
If this trend continues, there is a possibility that ADA will consolidate around its current levels until April, potentially setting the stage for a resumption of the bull run.
Early investors will recall that following the accumulation phase of the 2018-2020 pattern, ADA experienced a bullish run. In 2021, the coin reached a new all-time high of $3.09, securing its position as the 9th-ranked cryptocurrency. Ali believes that if the current trend persists, ADA may consolidate at its current levels until April, paving the way for another potential bull run.
The anticipated network development by the Cardano team is further fueling ADA’s rally in 2024. The team has outlined upcoming developments, including the Chang hard fork and plans to establish full Cardano community governance through the Voltaire upgrade. Additionally, there are expectations of increased real-world asset tokenization and third-party dApp development on the network.
Crypto analyst Lucid predicts that based on Cardano’s advanced technology, strong community support, the network’s robustness, and the determination of the development team, ADA will dominate the market in 2024 and easily reach $10.
In summary, Cardano (ADA) has experienced a surge in trading volume, accompanied by a price recovery. The market dynamics, influenced by the potential approval of the Bitcoin spot ETF, continue to shape trends. ADA’s recent surge in trading volume aligns with a price recovery, indicating renewed interest in the digital asset. The team’s planned network developments further contribute to the rally, with predictions of ADA reaching $10 in 2024.