What’s driving Cardano’s 3.8% price surge?

[CryptoChamp]

 

Cardano ADA has seen a 3.8% price increase in the past 24 hours, currently trading at $0.3482. This surge follows recent market recovery and increased whale activity.

Whale Activity Boosts Confidence

Data from IntoTheBlock shows that whale transactions increased by 10%, with 19.5 billion ADA coins moved, valued at $6.48 billion. When whales — investors holding large amounts of ADA — start moving coins, it often signals that big players are positioning themselves for gains. This recent spike suggests increased market confidence in ADA.

Bullish Signs in the Charts

Cardano is showing strong technical indicators. It has found support at the $0.32 level, a key area for nearly two years. The weekly Relative Strength Index (RSI) also shows a positive divergence for the first time in four years, suggesting that the bearish phase could be ending.

Potential for Major Gains

ADA has formed an inverse head and shoulders pattern, a classic bullish signal. If this trend continues, ADA could aim for a price of $0.61 or even its yearly high of $0.81.

With ongoing innovations in DeFi, smart contracts, and NFTs, Cardano is well-positioned for growth and could deliver strong returns in the near future.