Why Cardano Price is Up Today?

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Why Cardano Price is Up Today?

Cardano (ADA) has surged significantly today, driven by multiple factors, including its inclusion in the U.S. Crypto Strategic Reserve. This news has sparked renewed optimism among investors, pushing ADA’s price up by over 70% in just 24 hours. The move has sparked major excitement in the market, and with technical indicators showing more potential, ADA looks set to keep soaring in the weeks ahead.

Tokens that could be included in a potential crypto reserve saw significant price gains. In the last 24 hours, Cardano (ADA) surged 60.6%, XRP jumped 31.7%, and Solana (SOL) rose 22.6% after being included in the reserve. President Trump later confirmed that Bitcoin (BTC) and Ethereum (ETH) would also be part of the reserve, with both rising 9.9% and 12.1%, respectively.

ADA Skyrocketed upto 75%!

After the announcement, Cardano’s price skyrocketed by 75%, rising from a low of $0.6461 to $1.13, according to Coinmarketcap. The token’s trading volume surged by a massive 1,450% in the last 24 hours, pushing its market capitalization close to $40 billion. Surprisingly, the entire crypto market’s value jumped nearly 10%, reaching a $3.1 trillion market cap, while trading volumes surged by 150% to $190 billion.

Besides, on chain analyst Ali Martinez shared in a recent X post that whales bought nearly 200 million Cardano in the last 24 hours. Undoubtedly, Cardano is among the top gainer today with its massive surge in price. 

Technical Indicators Indicating Bullish Signs

The recent rally has pushed ADA past a bullish flag and pole pattern on the weekly chart, which started in December 2024. After a downtrend, today’s sharp upward move lifted ADA by 70%, breaking out of this pattern and setting the stage for a potential 90% rally.

Experts believe that if ADA can stay above $1.05 by the end of the week, it could reach its next target of $1.90, marking a potential 90% gain from its current price. Besides, ADA has broken above the 200 Exponential Moving Average (EMA) on the daily chart.

What’s Next for Cardano?

ADA’s price will depend on how it holds up around the $1.05 mark. If it stays above this level, the next target could be $1.90. Given current trends and market conditions, ADA may continue to rise. With the U.S. Crypto Strategic Reserve backing ADA, investor confidence is growing, boosting the coin’s long-term potential and encouraging positive price movement.

Recently, Grayscale Investments made a major move by adding Cardano to its Smart Contract Fund, alongside other top projects like Ethereum, Solana, Avalanche, Sui, Near, and Polkadot. This inclusion marks a significant step for ADA as it becomes part of a high-profile fund rebalancing.