Cardano (ADA) price continues to rise, approaching the $1 mark following Grayscale's ETF filing, a catalyst for increased market interest.
Cardano Price Breaks Multi-Month Resistance
After several months of sideways trading, ADA confidently surpassed the $0.90 resistance level. During this period, social media mentions of ADA increased by over 20,000, indicating growing trader interest. Technical data showed that momentum indicators had not yet peaked, leaving room for additional spot buying before the next supply zone.
Strong Quarterly Gains for Cardano
On a quarterly basis, ADA's price increased by approximately 71%, trailing ETH's 90% gain but surpassing SOL's performance by more than 50%. This suggests continued competitive strength among top Layer-1 networks. However, the $1 level remains a significant area of supply, with dense orders potentially posing challenges for breakout attempts.
Conditions for a Possible Test of $1
Market structure displayed two concentrated liquidity clusters below current prices, which could trigger rapid price moves if tested. The increase in open interest in ADA futures by 25% over the past 24 hours underscores the sustained high engagement levels among large participants. Although large transaction counts eased slightly, this may also indicate profit-taking among major holders.
At this time, ADA price is nearing the $1 mark, supported by ETF-related news, increased whale transactions, and rising social engagement. However, market positioning suggests volatility risk remains high in the short term.
