Cardano Surges 20% in Seven Days—$1 Price Target Now in Sight
Cardano’s ADA token just ripped past resistance levels, posting a blistering 20% weekly gain. Traders are now eyeing the psychological $1 mark—a threshold that could trigger even more frenzied buying.
Why the sudden momentum? Speculation swirls around upcoming network upgrades, while Bitcoin’s recent rally drags altcoins along for the ride. Never mind that most retail investors still can’t explain how proof-of-stake works—when the charts go vertical, FOMO does the thinking.
If ADA flips $1 into support, the next stop might be its 2025 high. But let’s be real—in crypto, ’fundamentals’ are just the stories we tell ourselves between liquidations.
Source: CoinGecko
Cryptocurrencies Slide As Long Positions Liquidate
According to the data from CoinGlass, $713.60 million was liquidated from the cryptocurrency market in the last 24 hours. Cardano (ADA) and other crypto assets have suffered from the liquidation spike.
ADA’s recent dip comes after Bitcoin’s (BTC) price fell to the $102,000 level after failing to breach $105,000. According to crypto analyst Ali Martinez, $1.45 billion worth of BTC long positions faced liquidations after the asset’s dip to $102,700.
The market dip could also be due to investors booking profits after the recent rally. ADA hit the $0.84 mark on May 12, a level not tested since early March.
Is $1 On The Cards For Cardano?
ADA needs to rally by 26.58% to hit the $1 target. The asset has not breached the $1 mark since Mar. 3 of this year. ADA could reclaim $1 if the crypto market rebounds from its latest slump.
CoinCodex does not anticipate ADA to hit $1 anytime soon. According to CoinCodex analysts, Cardano (ADA) could rally to $0.90 on May 17. The asset’s price will face a 13.92% rally if it hits the $0.90 target. CoinCodex does not expect the asset’s price to hold at $0.90, predicting a correction to $0.68 by May 24.
There is a possibility that the crypto market will regain its luster. The Federal Reserve may cut interest rates in its next meeting. A rate cut could lead to a surge in risky investments. cardano (ADA) and other crypto assets could surge under such conditions.
