Cardano's Price Surges as Investors Drop Millions to Buy ADA
Cardano's price is on a strong run, jumping over 23% this week and gaining 3.52% in the past day alone. The rally has pushed many holders into profit, but analysts warn a cool-off may be coming. As Cardano's price rises, experienced investors often lock in gains, which could lead to short-term selling.
On-chain data backs this view. Cardano's NUPL sits well above zero, showing most holders are in profit. That often triggers profit-taking, putting pressure on the price. Analyst João Wedson says Cardano's price might need to pull back before aiming for his $4.90 target, likely late Q4.
Still, not everything looks bearish. Cardano's TVL in DeFi jumped 3.44% in a day, hitting $313.75 million. More ADA is moving into staking and yield strategies, showing strong long-term conviction in Cardano's price.
ADA is riding strong momentum, but signs of overheating are building. A dip or consolidation wouldn't be surprising, making ADA the third option as the best crypto to buy in July. If it holds support, $3 is still on the table for Cardano's price.
