Besides an impressive gain of over 43% in the past week, Cardano (ADA) is poised to continue this upward rally in the coming days, as it has formed a strong bullish price action pattern on its daily time frame. With this bullish price action, heightened participation from traders and investors has been observed.
According to the on-chain analytics firm IntoTheBlock, the large transaction volume on ADA has jumped by 30%, indicating strong participation from whales and institutions following bullish price action and suggesting a strong buying opportunity.
In addition to the increased transaction volume, daily active addresses have soared by 42%, signaling heightened activity and participation from traders and investors, as the price is poised for an impressive rally.
Besides whale activity, traders are aggressively participating in altcoins. According to recent data from the on-chain analytics firm Coinglass, ADA’s open interest (OI) has soared by 5.76% in the past 24 hours and 3.15% in the past hour. This growing OI suggests strong trader participation over the past four hours, contributing to the upside rally.
Both pieces of data from the on-chain analytics firm hint at a perfect buying opportunity and a potential rally.
According to expert technical analysis, ADA has broken out from a strong resistance level of $0.77 and has recently closed a bullish hammer candle above that level. Based on the recent price momentum, if the ADA price breaks the previous high of the daily candles, there is a strong possibility it could soar by 20% to reach the $1 level in the coming days.
However, before the altcoin witnessed a breakout, it went through a five-day consolidation, which traders and investors viewed as a bullish sign for upside momentum. Historically, whenever an altcoin breaks out from a consolidation zone, it rallies significantly. This time, traders and investors expect similar upside momentum in the coming days.
At press time, ADA is trading near $0.83 and has experienced a price surge of over 3.84% in the past 24 hours. During the same period, its trading volume dropped by 30%, indicating lower participation from traders compared to the previous day.
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