Cardano's native token, ADA, has surged more than 14% in the last 24 hours, pushing its price back above the critical $0.30 level. According to data from Brave New Coin, ADA is trading near $0.30 with a market capitalization of around $10.87 billion and daily volume crossing $1 billion. This rally follows a period of heavy accumulation and sideways movement, suggesting a potential shift in momentum.
Technical analysis reveals ADA is forming a bull flag pattern near $0.29, signaling a potential continuation of the recent impulse move that saw the price surge from roughly $0.25 to above $0.31. Furthermore, the token has been forming an ascending triangle pattern, characterized by higher lows around the $0.26 support trendline. Analyst Jesse Peralta notes that a clean breakout from the $0.30–$0.31 resistance zone could lead to a 10–15% upside extension, placing initial targets near $0.34 and $0.36.
Underpinning this potential recovery is significant whale accumulation. Data from Santiment referenced by CoinDesk indicates that Cardano whales accumulated approximately 819 million ADA, worth around $213.9 million, over a six-month period of price decline. This strategic positioning during weakness often strengthens long-term support zones and reduces circulating supply, acting as a base-building phase.
The broader ecosystem is also receiving a boost from developments like the Midnight project, which is enhancing Cardano's infrastructure with Tier-1 exchange listings and partnerships, including tie-ups with Google. Coupled with a relatively stable regulatory backdrop compared to some competitors, these fundamentals provide a constructive backdrop for ADA's recovery. For the token to realistically target higher levels like $0.50, it must first sustain strength above $0.30 and achieve consistent follow-through buying and volume expansion.
