ADA Skyrockets 15% in 24 Hours – Is This the Launchpad for a Historic Bull Run?
Cardano’s ADA isn’t just climbing—it’s mooning. A 15% daily surge has traders scrambling, but the real question isn’t ‘what happened’—it’s ‘what’s next?’
The breakout no one saw coming
While Wall Street analysts were busy downgrading crypto (again), ADA quietly staged a revolt against bearish sentiment. The move defies typical mid-summer lulls—making this pump either a brilliant setup or a brutal trap.
Institutional FOMO incoming?
With gains like these, even your grandma’s financial advisor might start ‘accidentally’ buying ADA. The token’s suddenly flirting with key resistance levels that could trigger algorithmic buying sprees from quant funds—assuming they can look up from their Excel sheets.
The cynical take
Let’s be real: 15% moves are Tuesday in crypto. But after months of sideways action, ADA’s finally giving holders something to tweet about besides ‘fundamentals.’ Now watch as the same traders who called it a ‘ghost chain’ last week pivot to ‘accumulation zone’ narratives.
One thing’s certain—when ADA moves, it doesn’t do subtle. Buckle up.
Cardano Foundation Boosts Spending in 2024
Cardano Foundation, a non-profit supporting the Cardano blockchain, reported spending $22.1 million across its core areas last year. This marks a 15% increase from 2023, when the foundation spent $19.22 million.
The spending was directed toward adoption, operational resilience, and education, according to a report available via the Reeve on-chain tool.
More than half of the 2024 budget $15 million, was allocated to adoption efforts. These included partnerships with global organizations such as NASA, FC Barcelona, and the United Nations Development Programme. The goal was to drive real-world use cases of the cardano network through these collaborations.
ADA Sees Price Increase Amid Bullish Momentum
Cardano (ADA) was trading at $0.72 at press time, with a 24-hour trading volume of $1.5 billion. The token has gained 15% in the past day and 23% over the last seven days. This growth follows a broader trend of rising interest in ADA, especially after the foundation’s reported increase in ecosystem investment.
Interestingly, technical analysts have raised the probability of a bullish reversal to 40%, suggesting that the correction phase may be over. For this scenario to unfold, ADA must break above resistance at $0.86. A further move above $1.32 WOULD confirm the next upward wave, signaling a continuation of the current trend.
Ali Martinez also weighed in on the matter, indicating that ADA is currently sitting at the bottom of a parallel channel. The last time something similar occurred, the asset’s price flew by over 50%, as it happened in April.
Whales Accumulate ADA as ETF Hopes Grow
As CryptoPotato recently reported, large investors holding between one and ten million ADA acquired 120 million tokens in the past two weeks. This purchase amounts to over $71 million, bringing their total holdings to 5.57 billion ADA—about 15.4% of the total circulating supply.
Market attention is also on a potential spot ADA ETF in the United States. If approved, the product would offer traditional investors exposure to ADA through regulated brokerage platforms. Polymarket data shows the approval odds have increased from 56% in early July to 89% as of now.
However, while momentum builds, key price levels remain in focus. A break above $0.86 would strengthen the bullish case. The $1.32 mark is being monitored as the next resistance level. On the downside, support is expected NEAR $0.31 if a pullback occurs.
