Cardano Price Surges Past $1 as On-Chain Metrics Indicate Strong Holder Confidence
Cardano has made a significant leap by surpassing $1, hitting its highest level since April 2022. In the last 24 hours, the cryptocurrency has seen an impressive 24% surge, accompanied by a 131% increase in trading volume.
This positive movement has led to a notable improvement in the profitability of ADA holders. Data from IntoTheBlock’s Global In/Out of the Money indicator shows that 71% of addresses, totaling 3.15 million, are now “in the money,” indicating unrealized profits at the current price levels.
Interestingly, only 16% of addresses, around 715,230, are still underwater with average entry points above $1.40. This suggests a significant shift in holder profitability and a positive trend for the cryptocurrency.
Furthermore, there has been a surge in activity among long-term holders, as indicated by the age-consumed metric reaching a monthly peak of 86.91 billion on November 22. This increase in activity, along with the strong price action and increased volume, indicates strategic repositioning by veteran holders.
Technical analysis of the daily chart reveals promising bullish signals, with the Aroon Up Line holding a perfect 100% reading. This typically signifies strong upward momentum and the possibility of further price appreciation.
Looking ahead, analysts have identified key levels to watch:
– Immediate target: $1.24 (March 2022 high)
– Critical support: $1.00
– Secondary support: $0.85
The sustainability of Cardano’s upward trend will depend on maintaining buying pressure and avoiding excessive profit-taking, which could lead to a retest of lower support levels. As the rally continues, it will be important to monitor market dynamics and investor sentiment to gauge the future direction of ADA’s price.
