The latest price increases in the market have also impacted Cardano (ADA), reflecting a positive trend to market participants. On the other hand, a renowned cryptocurrency analyst has made a prediction regarding a potential price increase for Cardano. The analyst indicated that there could be a potential explosion in Cardano’s price, suggesting a significant rally of approximately 32% could occur. Particularly, the surge of interest in ADA is causing an increase in curiosity among investors and enthusiasts towards the altcoin.
Cardano (ADA) Price Rally Forecast
Recently mentioned frequently, Ali Martinez shared a post on X recently, outlining his expectations for the price trajectory of Cardano. According to Martinez, a potential rally in Cardano’s price seems likely, while he pointed out the formation of a descending triangle on ADA’s daily chart.
On the other hand, according to Martinez, a sustained daily price close above $0.53 could potentially drive ADA’s price to $0.68, paving the way for a noteworthy increase of 32%.
Moreover, the recent increase in Cardano’s price paralleled the positive atmosphere observed in the cryptocurrency world last evening.
While all this was happening, Bitcoin rose to $44,800 with a 4% increase in the last 24 hours. On the other hand, the price of Ethereum also rose by about 3% to $2,421. Such rises in leading cryptocurrencies have created a positive environment for altcoins like Cardano, triggering an increase in investor interest and market activity.
Price Performance Amid Rising Open Interest
Cardano (ADA) has experienced a significant rise in price recently, which has also sparked excitement among investors. Additionally, ADA’s price has seen a 9.5% increase in the last 24 hours and is trading at $0.5283 at the time of writing. On the other hand, the 24-hour trading volume has increased by 61% to $597.85 million.
ADA recently surpassed the $0.53 level, and there has been an increase in investor interest in the altcoin during this period. Especially since the price of ADA has been volatile since mid-December 2023, it has increased by about 7% over the last seven days.
In addition to the price movements, there has been a notable increase in Open Interest for Cardano, indicating growing investor participation and a climate of confidence. According to data provided by CoinGlass, there has been a 12.05% increase in Open Interest for Cardano Futures, reaching a high value of $335.35 million.
While all this is happening, Binance’s ADA Open Interest has risen by 11.25% to $86.12 million, making the exchange a key player in the recent increase. This emerging rise strengthens the sense of bullish sentiment surrounding investor participation and the future expectations for Cardano.
