Cardano Network Activity Hits 2023 Highs: Is $1.5 ADA Possible?

• Cardano’s rising network activity suggests the potential for ADA to retest $1 and possibly reach $1.5 if bullish momentum continues.
• Despite ADA’s recent dip, key indicators like the 9-day moving average suggest that ADA could still find support and drive toward higher levels.

Cardano’s network activity recently reached its highest levels since June 2023, signaling growing user engagement. As long anticipated in a previous CNF update, Cardano Network Poised for Major Leap: ADA Founder Hints at Exciting Development.

Despite this previous setback, long-term holders remain confident, with stable metrics showing many addresses holding ADA for over a year. According to IntoTheBlock, an AI-powered, programmable financial services platform, a recent tweet revealed that ADA finally reclaimed the $1 level this weekend. While the price is consolidating now, network growth is surging.

$ADA finally reclaimed the $1 level this weekend, and while price is consolidating now, network growth is surging.

The number of new user addresses hit its highest levels since June 2023. Is this the beginning of a larger breakout? pic.twitter.com/HzTIrenplC

— IntoTheBlock (@intotheblock) November 25, 2024

Importantly, the surge in new user addresses suggests increasing investor interest, often a precursor to price hikes. While ADA briefly crossed the $1 mark last week, it has since dipped, trading at $0.984 at press time after a 6% drop in the last 24 hours.

Mixed Market Signals

Although trading volume has decreased, indicating potential for a trend reversal, other indicators show caution. ADA’s social volume has declined, reflecting a drop in popularity, and the token’s MVRV ratio has fallen following the price correction.

However, the Moving Average (MA) cross suggests that bulls still have an edge, with ADA likely finding support near its 9-day MA. A slip below this level could lead to a retreat into the $0.6-$0.8 range.

Path to $1.5 Still in Sight

If the surge in network activity translates into renewed bullish momentum, ADA could retest the $1 resistance level. A successful breakout might push the token toward the $1.5 range, offering investors a reason to remain optimistic. The coming weeks will determine whether the increased activity can sustain a rally or if the current consolidation phase continues.

As of today’s price, ADA’s price shows a very positive signal, hitting $1.00 with an increase of 12.35% in the past day and 21.75% in the past week, reflecting broader market pressures. See ADA price chart below.