Cardano Surges 86% in 7 Days as Retail FOMO Returns $3 ADA All-Time High Coming?
Cardano (ADA) has flipped Tron (TRX) to emerge as the ninth-largest cryptocurrency with a market capitalization of more than $21.51 billion. In just 24 hours, after the price surged by 40%, Cardano added more than $3 billion to its market cap.
At press time, Cardano traded at a three-month high of $0.617. The recent rally was driven by the fear of missing out (FOMO) from retail traders per on-chain analytics platform Santiment.
In an X post, Santiment called Cardanos rally a notable surprise that was a long time coming for the patient ADA community.
Data from CoinMarketCap shows that retail traders are riding these gains after trading volumes surged by more than 160% in just 24 hours. The retail interest is also seen in the rise in ADA addresses. Per Santiment, more than 37,000 unique ADA addresses made transfers as the price rallied, marking the highest number in two months.
Besides retail interest, whale activity is also surging. In just 24 hours, ADA transactions exceeding $100,000 reached 697, the highest number in two months.
The recent gains come amid strengthening fundamentals, which have led analysts to predict that Cardano is repeating previous patterns that could see the altcoin form another market top.
Is Cardano repeating 2020 patterns?
According to crypto analyst Dan Gambardello, Cardano appears to follow a similar pattern as its last bull cycle in 2020. Towards the end of 2020, ADA started a historic bull run that saw the price surge by more than 4,000% to an all-time high of $3.10 within ten months.
Earlier, analyst Ali Charts predicted similar price moves for ADA, predicting that the altcoin was ripe for an over 2,000% gain to $6.31, at which point it would have set another ATH. Following this previous pattern, ADA will reach these new targets in September 2025.
The derivatives market shows traders are already considering more price volatility and gains. In just 24 hours, ADAs open interest (OI) increased by 65% to $546M at press time per Coinglass.
Cardanos OI is at the highest level in seven months. This shows market positioning by derivative traders as they bet on future price movements. A rise in OI shows bullish sentiment as traders become more interested in the altcoin.
If Cardanos open interest continues to rise alongside rising volumes, it could support a sustained uptrend that could propel ADA to new highs.
Read more: https://zycrypto.com/cardano-surges-86-in-7-days-as-retail-fomo-returns-3-ada-all-time-high-coming/
Text source: ZyCrypto
