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Cardano (ADA) moved in tandem with the rising sentiment in the market and visited price levels that had not been seen for a long time. However, despite this increase in price, it has not yet reached the $1 level, and this situation continues to fuel anxiety. Investors continue to speculate about when Cardano might rise to the $1 price region.
Cardano Price Situation
A price review showed that on March 4th, Cardano’s price experienced a notable increase of 5.77%, reaching up to $0.770. This rise was significant as it was the first time ADA reached this price range since the end of 2022.
Although there were uptrends at the end of last year and in mid-February, this notable price movement opened the way for Cardano to reclaim its periodic peak after more than a year. Following the increase, the next day saw a significant drop of 10%, with the price falling back to $0.69.
From that point, the price recovered, and Cardano’s price first rose to $0.7 and then to $0.7103 at the time of writing. The price had risen from the drop to $0.69 up to $0.73.
Cardano Commentary
Volume analysis by Santiment revealed that Cardano had higher volumes in March. The chart showed that ADA had more days with over $1 billion in volume during the first 11 days of March.
The volume exceeded $2 billion on March 5th and 6th, marking the first time ADA had reached this level of volume since December 2023. At the time of writing this article, the volume was over $591 million.
Starting the year with over 890,000 active addresses, Cardano (ADA) saw a slight decline in February, falling to the 700,000 level. As of the time of writing, the number of active addresses was approximately 915,000. This suggests a noticeable increase in activity on Cardano.
The Future of Cardano
Open interest data provided by Coinglass indicated an influx of cash into the cryptocurrency over the past week. The data showed that open interest had surpassed $588 million on March 5th.
This also stood out as the highest open interest observed for ADA in over a year. At the time of writing, Open Interest was trending above $507 million.
Considering the mentioned open interest metric alongside other fundamental indicators previously analyzed, it suggested the possibility of Cardano rising to the $1 price level depending on upcoming market movements.
