Ah, Cardano—our beloved ADA—has recently embarked on a rather audacious adventure, soaring a staggering 46.77% in a mere 24 hours, landing delicately at the princely sum of $0.9731. Observably enhanced trading volume matched this theatrical rise, climbing an absurd 1,807.04% to a crisp $10.74 billion. One can’t help but feel that such grand displays of volatility are far more fascinating than the dull platitudes of ordinary finance.
With such panache, ADA has gallantly ascended to the eighth position in the great pantheon of cryptocurrency. Spurred on by a day’s high of $1.13 from a humble low of $0.6461—quite the underdog story—yet it languishes a disappointing 68.46% below its historical zenith of $3.10. This exuberant escapade comes hot on the heels of President Donald Trump’s audacious pronouncement regarding the establishment of a Crypto Strategic Reserve. Ah, politics meets the pixels!
Trump’s Announcement Fuels ADA Rally
The illustrious US crypto reserve is purported to embrace not just Cardano, but also the illustrious luminaries Solana, XRP, and of course, the perennial Bitcoin and Ethereum. Our dear President has endeavored to position these digital assets as the “heart” of his national reserve. One can hardly contain the excitement as he attempts to defibrillate an industry long languishing under the shadow of regulatory ennui, spurred on by previous administrations.
As fortunes would have it, this announcement has triggered an influx of capital into ADA and its digital compatriots, following a rather dramatic dive alas last week—when Bitcoin flirted with the $78,000 abyss only to recover triumphantly above $92,000. Thus, the Crypto Cinderella story continues!
Cardano On-Chain Activity Soars
Ah, but the plot thickens! On-chain metrics divulge a burgeoning confidence among the ivory-tower investors. Whales—not the aquatic kind, mind you—bearing hoards of 10 million to 100 million ADA have been voraciously accumulating amid a recent price plunge down to a humble $0.57. According to data from Santiment, our maritime magnates have thus amassed a staggering additional 130 million ADA over the past trice days—picturesque greed at its most transparent!
DappRadar doth proclaim a 157% upsurge in unique active wallets upon the Cardano network, which now boast a quaint 3,720. Daily transactions, demonstrating the vitality of the blockchain, have shot up by over 200%, reaching an astonishing 17,120. The total value locked in Cardano has similarly rocketed up a remarkable 38.87%, now laying claim to a cool $499 million. DefiLlama must be positively trembling with glee!
ADA Price Analysis
The daily chart of ADA, courtesy of TradingView, reveals a tale of tumultuous volatility—a commendable long wick to the upside hinting at a remarkably resplendent resistance near $1.13. Currently, we find the price indolently floating around $0.97, having receded from its dizzy heights.
Key support lurks at $0.77, the revered middle Bollinger Band, and should ADA cling to this buoy, we may witness a continuation of this bullish romp. The erstwhile local bottom of $0.54 remains a significant demand zone—a slip beneath this would likely extinguish hopes of further ascendance.
Source: TradingView
As ADA’s daring price action has breached the upper Bollinger Band at $0.9989, one must chuckle at the trials and tests it now faces as support. Should ADA weather this scrutinizing storm, aspirations of loftier prices may linger. However, the Relative Strength Index (RSI) has spiked to a rather cheeky 60.03, flirting with the overbought territory, but should one regard those sharp price retreats, they hint at conditions ripe for profit-taking among the traders keen on pocketing their gains.
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2025-03-03 15:53