Cardano (ADA) is experiencing a significant price surge as investors anticipate the upcoming Chang hard fork and the recent launch of the Hydra Layer 2 scaling solution. The cryptocurrency has seen a remarkable 8.1% increase in the past 24 hours, reaching $0.3719. This upward trend has propelled Cardano’s rank among the top 10 cryptocurrencies, surpassing Justin Sun’s Tron Network.
On-Chain Indicators Point To Bullish Momentum
Data from Santiment reveals a surge in active addresses on the Cardano network, a typical precursor to price increases. This rise coincides with the end of the RareEvo blockchain event, where Cardano showcased its Hydra Layer 2 solution, demonstrating its potential as a highly scalable network.
Furthermore, IntoTheBlock’s Large Holder Netflow data indicates that Cardano whales have been accumulating the asset, suggesting strong confidence in its future. Meanwhile, Coinglass‘ Liquidation data reveals a significant imbalance between long and short positions, with traders overwhelmingly bullish on Cardano’s price outlook.
Key Resistance Levels to Watch
Cardano’s price is currently approaching a critical resistance zone around $0.3750. If the cryptocurrency can successfully break through this level, it could pave the way for further gains and potentially reach its all-time highs. However, a failure to overcome this resistance could lead to a pullback.
Also Read: The Countdown Begins – Cardano’s (ADA) Hard Fork To Usher In Voltaire Era
Cardano’s price surge is fueled by the anticipation of the Chang hard fork and the successful launch of Hydra. On-chain indicators point to strong bullish momentum, suggesting that the cryptocurrency could continue its upward trend. Investors closely watching Cardano’s performance should pay attention to its ability to break through the $0.3750 resistance level.
Cardano’s recent surge is a testament to the growing confidence in its long-term potential. As the network continues to evolve with advancements like Hydra and the upcoming Chang hard fork, it’s positioning itself as a viable alternative to Ethereum. The combination of scalability, sustainability, and a strong community has fueled the recent price increase, making Cardano a compelling option for investors seeking exposure to the cryptocurrency market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
