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Cardano (ADA) is seeing significant bullish momentum today. While there is a notable price increase, there is also a major increase in its trading activity. According to CoinGlass, the trading volume of ADA has exploded 83.12% in the last 24 hours. Currently at the $395.69 million level, volume is rising across all major trading platforms.
Data reveals that $180.16 million of the volume comes from Binance, $77.64 million from Bybit, $57.82 million from OKX, $25.15 million from BingX and $10.44 million from Bitget, among others. These top crypto exchanges are seeing intense trading activity for ADA as traders have initiated strong buying activity.
There was a broader correction on the crypto market recently, as the ADA price also struggled. This support from traders was required by the coin to get some gains and perhaps trigger a more sustained price rally. Market sentiment seems to be shifting, and it is likely that this potential rally is more achievable from this point.
ADA price skyrockets 7%
The price of Cardano, as per CoinMarketCap, has surged 7.08% in the last 24 hours. It is currently standing at $0.3595, a big jump from the previous lows. ADA was trading around $0.3306 almost 20 hours ago, and it hit a low of $0.307 on Sept. 7. There was strong bearish pressure during this time.
However, today’s rebound shows that sentiment is shifting as traders are becoming more bullish on Cardano. The ADA price has successfully shed major losses. Moreover, it is likely that more gains are in the cards as the selling pressure seems to have cooled down completely. The next target of ADA is the $0.3655 resistance zone, and it has to clear this level in order to go for a more sustained price rally.
Yuri Molchan