Cardano (ADA) Primed for a Bullish Run as It Eyes Reclaiming Its All-Time High (ATH)

Cardano (ADA) is currently riding the ongoing bullish market rally with its price soaring by 4.74% in 24 hours to $1.0478

Cardano (ADA) price soared by 4.74% in 24 hours to reach $1.0478 on Monday morning. The coin now trades at a price that was last seen in May 2022. ADA price is now up by over 230% from its lowest point in 2023.

Cardano traded below the $0.3 price mark for the better part of the past year. However, the coin showed enough prospect per its performance outlook in the trailing 52-week period. The question now remains whether or not it can soar to the $10 price mark this current bull cycle.

Optimistic analysts remain convinced that this is the start for ADA price despite breaching the $1 pyschologically important level. Several metrics now show that ADA might be headed for new price highs.

For instance, IntoTheBlock data showed that ADA is now among the top digital currencies in terms of large buyers. This metric was down by 11% in 24 hours. However, the coin still had a cumulative volume of $26.34 billion, which outranks the $8 billion recorded by Ethereum.

Cardano ADA Whale 7D Outlook. Source: IntoTheBlock

The Cardano whale transaction recorded a 26.09 billion ADA in 24 hours. Over the past week, the whale embrace in ADA terms jumped from a low of 26 billion to a high of 41.83 billion.

This figure is proof that new liquidity is entering the ecosystem regularly. If this trend is sustained, it might help push the price of the ADA to new highs soon.

Here are the top factors to note moving forward:

1. ADA Price and Whale Impact

Cardano (ADA) price soared by 4.74% in 24 hours to reach $1.0478 on Monday morning. The coin now trades at a price that was last seen in May 2022. ADA price is now up by over 230% from its lowest point in 2023.

Cardano traded below the $0.3 price mark for the better part of the past year. However, the coin showed enough prospect per its performance outlook in the trailing 52-week period. The question now remains whether or not it can soar to the $10 price mark this current bull cycle.

Optimistic analysts remain convinced that this is the start for ADA price despite breaching the $1 pyschologically important level. Several metrics now show that ADA might be headed for new price highs.

For instance, IntoTheBlock data showed that ADA is now among the top digital currencies in terms of large buyers. This metric was down by 11% in 24 hours. However, the coin still had a cumulative volume of $26.34 billion, which outranks the $8 billion recorded by Ethereum.

Cardano ADA Whale 7D Outlook. Source: IntoTheBlock

The Cardano whale transaction recorded a 26.09 billion ADA in 24 hours. Over the past week, the whale embrace in ADA terms jumped from a low of 26 billion to a high of 41.83 billion.

This figure is proof that new liquidity is entering the ecosystem regularly. If this trend is sustained, it might help push the price of the ADA to new highs soon.

2. Ecosystem Upgrades and Growth Fundamentals

Cardano price enjoyed a strong rally in the past seven days, where it was up by 14%. The coin also outperformed Bitcoin (BTC) and Ethereum (ETH), which were up by 4% and 7%, respectively, during the same period.

The ADA price also showed a strong correlation with the NFT sector. In the past week, NFT sales surged by 33%, which had a positive impact on ADA price. Moreover, the upcoming Vasil upgrade hard fork also remained a key talking point.

The upgrade is expected to introduce several key improvements to the Cardano blockchain, including faster transaction speeds, lower costs and increased throughput. It will also pave the way for new decentralized applications (dApps) and use cases to be built on the network.

If the upgrade is successful and generates enough hype, it could lead to a sustained increase in demand for ADA tokens, which would ultimately drive up their price in the coming months.

3. ADA Price Technical Analysis

From a technical perspective, ADA price breached a key psychological level of $1 over the weekend. The coin now trades above the 50-day moving average, which is a bullish sign. Moreover, the Relative Strength Index (RSI) is at 64, which indicates that ADA is in the overbought zone.

However, the Moving Average Convergence Divergence (MACD) is still below the signal line, which is a bearish sign. Overall,