ADA, the native of the Cardano blockchain, jumped over 10% during Wednesday’s U.S. market hours to reach its current trading value of $0.59. The sudden jump liquidated over 1.4 million short positions, triggering the additional buy order in the market. While bullish pressure was ignited by a broader market upswing as Bitcoin attempted a $110,000 breakout, ADA coin gained additional momentum amid its growing development activities and strong support.
Cardano Development Activity Reinforces Long-Term Bullish Narrative
Over the past two weeks, the ADA coin has exhibited a sideways trend, with its price range confirmed between $0.59 and $0.53 levels. While this consolidation aligns with the broader market uncertainty surrounding geopolitical tensions in the Middle East, Cardano’s derivative market data shows renewed speculative trading.
According to CoinGlass data, the ADA futures open interest has increased from $674.31 million to $791 million, representing a 17.35% rise. Typically, this surge indicates an increased capital inflow into derivatives markets, which may suggest that traders are positioning for a potential price move or heightened volatility.
Apart from speculation trends, Cardano is growing in ecosystem development, reinforcing its bullish outlook. According to Santiment data, Cardano ranks fourth in terms of notable GitHub events, reflecting consistent protocol upgrades and an active ecosystem.
The metric underscores the strengthening fundamental backbone of the network amid sustained developer commitment.
ADA Price Bounced From Major Accumulation Zone
The daily chat analysis of Cardano coin shows its recent reversal began from a major accumulation zone around $0.51. Since November 2024, the coin price has repeatedly bounced from the support level and delivered a strong recovery range of 70% to 165%.
Thus, the growth in ADA price today could build momentum and offer strong growth in the coming months. Currently trading at $0.59, Cardano’s price stands 4% short of challenging a multi-month resistance from a downsloping trendline.
A potential breakout will signal the change in market direction and bolster a price surge to $0.73, followed by $0.87.
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