Cardano's ADA Surges Past $1, Reaches Highest Level Since April 2022 with 24% Price Jump

ADA, the native coin of the Cardano blockchain, just hit a major milestone. It has crossed the $1 mark for the first time in two years. Right now, it's trading at $1.09, a level we haven’t seen since April 2022.

In the last 24 hours, ADA’s price jumped by 24%. Trading volume also shot up by 131%. With so much buying pressure, it looks like the Cardano coin rally might keep going.

Crossing that $1 threshold has put many ADA holders in the profit zone. According to IntoTheBlock’s Global In/Out of the Money indicator, about 3.15 million addresses—71% of all ADA holders—are “in the money.” This means they could make a profit if they sold their coins at the current price.

On the flip side, around 715,230 addresses, or 16% of all holders, are “out of the money.” These investors would take a loss if they sold now, as they bought their coins when ADA was priced above $1.40.

With many holders sitting on unrealized gains, long-term ADA holders are starting to reposition. They might be looking to secure some profits. This is reflected in the spike in ADA’s age-consumed metric, which hit a monthly high of 86.91 billion on November 22, right when the uptrend began. Long-term holders usually don’t move their coins around, so when they do, it often signals a shift in market trends. In ADA's case, this activity, along with increased trading volume and positive price movement, suggests that long-term holders might be cashing in, which could attract new buyers.

Looking at the daily chart, ADA’s Aroon Up Line is currently at 100%. This indicator measures the strength and direction of a trend. A reading of 100% indicates a strong upward trend, suggesting a recent high and the potential for continued bullish momentum. If this trend holds and new demand continues, we could see ADA’s price rally toward $1.24, a peak it last reached in March 2022.

However, if profit-taking picks up and buying pressure weakens, ADA’s price might drop to test support at $1. If that level doesn’t hold, it could confirm a downtrend, leading to a price drop to $0.85.