The post Cardano Breaches $1 as On-Chain Metrics Signal Strong Holder Confidence appeared on BitcoinEthereumNews.com.

Following a 24% rally and 131% trading volume spike, Cardano marks its highest level since April 2022. Long-term holder activity surges as 71% of ADA addresses report unrealized profits, signaling market shifts. Technical metrics suggest continued upward momentum, with $1.24 as the next target and $1.00 as key support. Cardano (ADA) has achieved a significant milestone, breaking above $1 for the first time since April 2022. The cryptocurrency currently trades at $1.09, marking a powerful 24% surge in the last 24 hours, accompanied by a 131% spike in trading volume. Majority of Cardano Holders Enter Profit Zone The breakthrough has substantially improved the profitability profile of ADA holders. IntoTheBlock’s Global In/Out of the Money indicator reveals that 71% of addresses (3.15 million) are now “in the money,” signifying unrealized profits at current price levels. Source: IntoTheBlock “The data shows a significant shift in holder profitability,” market analysts noted. “Only 16% of addresses, approximately 715,230, remain underwater with average entry points above $1.40.” Santiment data highlights unprecedented movement among long-term holders, with the age-consumed metric reaching a monthly peak of 86.91 billion on November 22. This surge in activity, coinciding with positive price action and increased volume, suggests strategic repositioning by veteran holders. “The spike in age-consumed metrics often precedes significant market movements,” technical analysts observed. “When combined with strong volume and price action, it typically signals a shift in market dynamics.” The daily chart presents robust bullish signals, with the Aroon Up Line maintaining a perfect 100% reading. This technical formation traditionally indicates strong upward momentum and the potential for continued price appreciation. As the rally continues, market watchers identify key levels: Immediate target: $1.24 (March 2022 high) Critical support: $1.00 Secondary support: $0.85 The sustainability of ADA’s upward trajectory depends on maintaining buying pressure and preventing excessive profit-taking, which could…

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Filed under: News - @ November 24, 2024 6:20 am