With the rapid rise of the network, Cardano reclaims $1 - will there be a bigger breakthrough in the future?

Cardano (ADA) surged to the $1 mark over the weekend, marking an important milestone in its recent uptrend. However, after reaching a multi-year high of $1.15, this Crypto Asset is currently experiencing a 17% pullback due to profit-taking. Despite the pullback, the long-term outlook for Cardano remains positive, thanks to the market momentum recovery over the past three weeks.
PA reflects that the market is becoming more mature, and ADA is consolidating its gains and laying the foundation for the next move. On-chain data shows strong network activity, indicating increased interest and adoption. The rise in activity suggests that the consolidation phase may be temporary as the overall market strengthens.
Whether Cardano can maintain its key support level during this adjustment period is crucial for its next move. Analysts are optimistic that the network's constantly rising fundamentals and favorable macro environment will push ADA to new heights.
As traders and investors closely follow the $1 support level, Cardano's evolving network metrics and bullish sentiment suggest that a breakthrough may occur soon. Whether ADA's price action will capitalize on these factors remains a key question for market participants.
Cardano's network activity shows strong signs of rise, with a significant increase in daily active Addresses. on-chain data from IntoTheBlock shows that the number of new user Addresses has reached the highest level since June 2023. The surge in network activity indicates a continuous increase in the adoption of the Cardano ecosystem and growing interest, which is crucial for its long-term development.
Over the weekend, Cardano returned to the $1 level, marking an important psychological milestone. Despite the current price consolidation, this trend occurs against the backdrop of a significant rise in network activity, indicating that market participants remain optimistic about the future of ADA. Analysis of X suggests that Cardano may be preparing for a bullish breakthrough, with the potential to rise to new price levels as the current consolidation phase stabilizes.
Despite the recent pullback from the multi-year high of $1.15, Cardano is still in a favorable position for further rise. ADA is still more than 230% below its all-time high (ATH) of around $3.1, indicating a large pump potential as the network matures and attracts more users.
If the price remains above the support level of $1 and the network continues to rise, Cardano may have prepared for the next bullish trend. With the increasing number of daily active Addresses and the widening gap with the all-time high price, the potential for a strong Rebound still exists. Investors are closely following whether Cardano can maintain this momentum and capitalize on the surging network activity in the coming months.
The trading price of Cardano (ADA) is $0.93, pumping 250% since November 5th to the annual high of $1.15. Since the peak on Saturday morning, the price has retraced over 17% as it now tries to find strong demand above $0.90. This retracement is part of the natural consolidation process after a significant pump, and ADA must stay above $0.90 to maintain a bullish momentum.
If ADA can maintain above this level, a breakthrough may occur, with the next key supply level above $1.25. This indicates that the current pullback is just a healthy adjustment before another pump.
However, if ADA falls below the $0.90 level and fails to reclaim the support level, a deeper pullback may occur, potentially leading ADA to test lower levels. In this case, the next key support area may be closer to the $0.80 mark, where ADA may find further demand.
Overall, ADA's price movement is still bullish in the long term, but it needs to maintain a support level of at least $0.90 to continue pumping and reach a new supply level of over $1.25.
(Data source: Sebastian Villafuerte)