Cardano's price has significantly increased, surpassing $1, marking a significant event for the cryptocurrency. In this article, we will explore the reasons behind this rise and potential forecasts for the future.
Bullish Breakout of Cardano
Recently, Cardano's price crossed $1, the highest point since March 2025. There has been strong buying interest lately, leading to a breakout from a long-term descending channel that lasted over 250 days. This breakout was confirmed by the formation of a triple bottom, indicating powerful bullish sentiment in the market.
ADA is trading slightly above the $1.01 mark, then retreated to a 16% gain at $0.9983 within 24 hours. The strengthening of bullish positions allowed ADA to move above resistance levels that had previously capped gains below $0.95.
Market Dynamics and Comparative Analysis
According to cryptocurrency analyst Javon Marks, it is anticipated that Cardano's price may reach $1.20, considering the history of similar breakouts in the past. Marks believes this may be part of a larger rally to the $2.90 level. Other analysts, such as Nickvaldez, noted a recent golden cross pattern, which in the past led to a 236% increase in ADA's price.
It is also noteworthy that ADA's trading volume increased by 88.26% in the last 24 hours, highlighting the high level of interest from both retail and institutional investors.
Ecosystem Development and Institutional Attention
The recent price rise is also attributed to ecosystem development and a positive regulatory climate. The Glacier Airdrop has boosted the number of users without putting inflationary pressure, and the Midnight protocol is attracting more attention due to its privacy features. There are speculations that a Cardano spot ETF could be approved in 2025, increasing the likelihood of approval to 85%.
Therefore, with the current pace, Cardano's price is targeting a possible breakout to $2.30 and above in the current cycle. Increasing trust in the token and its functionality, combined with institutional support, creates optimistic forecasts for the future.
