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Highlights
- Cardano price eyes gains to $1.46 after $20M ADA tokens left exchanges in the last seven days.
- The surging withdrawals coincide with a breakout from a descending wedge pattern, making a rally more likely.
- Cardano's blockchain activity is rising with the TVL soaring to a monthly high of $442 million.
Cardano price eyes a massive bull run amid a looming supply squeeze after more than $20M ADA tokens exited exchanges in the last seven days. Meanwhile, analysts expect that Cardano will register a 100% rally and reach $1.46 in the coming months.
ADA value today stands at $0.71 with a 1.3% dip. Data from CoinMarketCap also shows that Cardano trading volumes have topped $902M highlighting high market interest.
Cardano Price Eyes Rally as $20M ADA Exits Exchanges
Cardano price is on the verge of a massive rally after more than $20M ADA tokens left exchanges recently. Data from Coinglass indicates that in the last seven days, traders have been moving ADA from top exchanges like Binance and OKX, which signals a lack of intent to sell.
As exchange withdrawals surge and reduce the supply that is available in the market, it might create a squeeze whereby a surge in demand will force the Cardano price to rally. Therefore, it is likely that this top altcoin could soar to as high as $1 in the near term.
Trader Justin Qu on X has also shared a bullish Cardano price forecast, suggesting that the price of this altcoin will soon skyrocket to new multi-month highs. In his analysis, Justin stated that ADA had broken out of a descending wedge pattern on the daily timeframe, which is a classic sign of an upcoming bull run.
If ADA continues to defend support at the upper trendline of this wedge pattern, it might kickstart a strong rally towards the first resistance level at $1.24. Breaking this level will then set the stage for a rally to $1.46.
Hence, going by the surging outflows from cryptocurrency exchanges and the bullish forecasts shared by analysts on Cardano, this altcoin is likely on the verge of a major bullish breakout. Moreover, a recent Coingape article reported that the Cardano price may hit $2.70 after another bull market signal emerged.
Cardano Blockchain Activity Soars
Besides the positive exchange data and technical outlook, blockchain activity also suggests that Cardano price might be eyeing a rally to a new high. Data from DeFiLlama shows that at press time, Cardano’s Total Value Locked (TVL) had ballooned to $442M, marking the highest level in nearly a month.
The other network metric that has also recorded an uptick is DEX volumes. At press time, Cardano’s DEX volumes stood at $3.87M, which is also a significant uptick in the last 24 hours.
As the network activity continues to grow, it is possible that Cardano price attains the $1.46 target shared by analysts. However, for this price to be attained, this altcoin needs to record a surge in buying pressure, which might happen amid the ongoing growth in network activity.
Frequently Asked Questions (FAQs)
1. How high will Cardano price rally amid surging exchange outflows?
2. Can ADA clinch all-time highs soon?
3. Is Cardano’s blockchain activity rising?
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