Cardano (ADA), the 10th-ranked digital asset, has recorded a huge leap in trading volume. In the last 24 hours, the asset climbed by a massive 70% amid a slight recovery in price within the same time frame on the market.
Cardano eyes recovery to $1 amid surge in market activity
According to CoinMarketCap data, at press time, ADA was exchanging at $0.6472, representing a 4.72% decline. Despite this drop in value, investors actively transacted Cardano, resulting in a 70.77% spike to $939.75 million.
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This marks a shift from Cardano's bearish outlook in the past seven days as the price crashed by 8.11%. This significant decline tested the $0.620 support level as market participants feared a possible slip below this threshold.
However, ADA rallied and has rebounded, heading toward the $0.650 level. With the recent uptick in volume, investors could anticipate a further increase. Cardano needs to break out above $0.70, which has remained a significant resistance level.
Notably, after Cardano slipped below the $0.70 level at the end of May 2025, it has faced rejections on several attempts. If investors sustain the massive volume, ADA might breach this resistance and could begin to aim for the psychological $1 level.
Hoskinson urges collaboration over competition
Cardano has not been able to retest the $1 level since early March when it dipped below that level. A move above $1 could trigger positive developments for Cardano. It might help Cardano reclaim ninth place, which it recently lost to Tron.
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Meanwhile, in the broader cryptocurrency ecosystem, rivalry persists between Cardano and other blockchains like Ethereum, Solana and Polkadot. However, Cardano founder Charles Hoskinson has decried the unhealthy competition.
Hoskinson noted that the digital asset space should focus on innovation and not compete like a sports league. He clarified that the Midnight protocol aims to integrate networks so that support can be provided through shared tools.
