5 key factors behind the current rise in ADA's price.💥✨💥✨💥✨
$ADA ✨✨✨✨✨✨
"Cardano ADA is breaking through a key resistance level, opening the door for a rally towards $0.90–$1.20!"
This breakout seems to mark the beginning of a significant rally, generating excitement among investors. Below, we analyze the five key factors driving its price:
1. Bitcoin drives altcoins
The price of Bitcoin reached a new high this Sunday, trading at $119,300, which has been very positive for the entire altcoin market. ADA has not been the exception, and its behavior reflects this same upward trend.
2. Is an ADA ETF on the horizon?
The excitement generated by Bitcoin's new highs is compounded by the expectation of an ETF linked to ADA.
3. Major investors are making moves
On-chain data shows strong activity from large holders. Since June 25, whales holding between 1 and 10 million ADA have intensified their operations, accumulating 120 million tokens, with an estimated value of $3.3 billion.
4. The proposal to buy BTC and stablecoins with ADA.
Another relevant factor has been a proposal presented by Charles Hoskinson. A few weeks ago, he suggested that the IOG Treasury convert $100 million in ADA to Bitcoin and stablecoins, with the aim of strengthening Cardano's DeFi ecosystem.
5. What do the charts say about ADA's rally?
According to technical analysis, ADA is recovering after a sharp decline at the end of June, which led it to a downtrend line. However, the token managed to stay above a key support level, and since then its price has surged strongly.
