Cardano (ADA) is starting the week on a bullish trend, as capital inflows are defying the latent price growth on the daily chart. According to data from CoinMarketCap, Cardano’s volume has skyrocketed by more than 99% in the past 24 hours. This metric, a sign of massive retail and institutional adoption, has pushed the volume to over half a billion dollars in monetary terms.
Cardano performance metrics light up
In actual terms, the volume surge is pegged at $517,295,677.64, with a Fully Diluted Value (FDV) of $26.41 billion.
Cardano remains one of the best-performing altcoins in the market at the moment. The 24-hour price gain has soared by 1.36% to $0.5870. While the $0.6 resistance level remains a significant hurdle ahead for the Cardano price, critical maneuvers have been recorded in the past few weeks.
Despite the potential ADA price reversal to $0.54, market bulls, drawing on the volume’s strength, are also fueling general optimism.
For Cardano, the primary drivers of growth are tied to the potential sustainability of retail interest and the outlook for institutional adoption.
Recent CoinShares data shows a $0.4 million inflow for Cardano in the past week as total crypto funds topped $1 billion.
How high can Cardano price soar?
Over the past month, Cardano has maintained a relatively close trading range. The coin has fluctuated between a low of $0.5131 and a high of $0.7303 over the past month.
You Might Also Like
With its current outlook on performance metrics, it could soar beyond $0.65 to reclaim its highest levels in recent times.
Although community backlash on ADA-tied projects remains a concern, the crucial advancements recorded cannot be ignored.
From the growing push for a Cardano ETF to the launch of the Midnight Network, there are more than enough incentives for investors to go long on ADA in the future.