Cardano’s native coin, ADA, has surged past the $1 mark for the first time in two years. Currently trading at $1.09, this level was last seen in April 2022.
Over the past 24 hours, ADA’s price has climbed by 24%, with trading volume skyrocketing by 131%. With buying pressure building, the rally could have more room to grow.
Most ADA Holders Are Now in Profit
ADA’s recent rally has pushed a significant portion of holders into profit. According to IntoTheBlock’s data, 71% of all ADA holders (3.15 million addresses) are now “in the money.” This means their current holdings are worth more than the average price they paid.
However, 16% of holders, or 715,230 addresses, remain “out of the money.” These holders acquired their ADA at prices above $1.40 and would face losses if they sold now.
Long-Term Holders Are Taking Action
Santiment data shows a spike in ADA’s age-consumed metric, hitting a monthly high of 86.91 billion on November 22. This metric measures the movement of coins held for a long time. When long-term holders start selling, it often signals a shift in market sentiment.
This recent activity suggests that some long-term holders are taking profits. Despite this, the increased trading volume and positive price action indicate that new buyers are entering the market, supporting the ongoing rally.
ADA Price Prediction: Can It Hit $1.24?
On the daily chart, ADA’s Aroon Up Line is at 100%, a strong signal of bullish momentum. If this trend holds, ADA could climb further toward $1.24, a level last reached in March 2022.
However, if profit-taking intensifies, ADA may retest support at $1. A failure to hold this support could confirm a downtrend, pushing prices to $0.85.
