TLDR
- Cardano’s price increased 7.29% in 24 hours, reaching $0.6745 with trading volume up 114% to $1.07 billion
- Midnight, the largest application on Cardano’s mainnet, launched on the Hydra Layer 2 protocol for faster transactions
- Analysts predict a potential 333% rally that could push ADA to $2.96, last seen in 2021
- ADA outperformed Bitcoin, Ethereum, and Solana with a 6.8% gain over three days
- Technical indicators show recovery signs with price consolidating near the 200 EMA support level at $0.6055
Cardano is trading at $0.6745 after a 7.29% increase over the past 24 hours. The token’s 24-hour trading volume reached $1.07 billion, representing a 114.15% jump in daily activity.
The market capitalization for Cardano now stands at $24.17 billion. The price surge comes as the network implements its Hydra Layer 2 scaling solution.
Trading data shows stronger participation from both retail and institutional investors. The volume increase suggests growing market interest in the token.
Cardano posted a 6.8% gain between October 17 and October 20. This performance exceeded Bitcoin’s 4.1%, Ethereum’s 5.2%, and Solana’s 5.2% gains during the same period.
The token ranked among the top performers in the CoinDesk 20 Index. Other strong performers included Chainlink with 16.6%, Aave at 13.7%, and Filecoin at 10.4%.
Midnight, described as the largest application built on Cardano’s mainnet, launched on the Hydra protocol. The application uses Hydra’s Layer 2 technology to process transactions at higher speeds with lower costs.
Hydra Launch Demonstrates Scaling Capabilities
The Hydra integration represents the network’s first major scaling implementation. The protocol maintains security while enabling faster transaction processing.
Crypto analyst Mintern stated the launch shows Cardano can achieve enterprise-grade performance. The implementation demonstrates the network’s scaling potential without compromising decentralization.
BREAKING NEWS:
MIDNIGHT GOES FULL HYDRA MODE š±š±š±
Midnight the largest Cardano Mainnet application ever is running right now using Hydra for lightning-fast, low-cost scalability.
This model proves how Cardano can handle massive real-world throughput at scale efficiently,ā¦ pic.twitter.com/hN2Dbf94nJ
— Mintern (@MinswapIntern) October 18, 2025
The Midnight application runs on Hydra’s infrastructure. This marks the first time a large-scale application has used Cardano’s Layer 2 solution in production.
Analyst Javon Marks highlighted a bullish pattern in ADA’s price action. The token has been making higher lows while approaching a resistance level.
Marks projects a potential 333% rally if the current trend continues. This would push ADA toward $2.96, a price level last reached during the 2021 bull market.
$ADA maintaining clear signs of an uptrend while also holding a huge breakout and this points towards a major bullish move to be coming.
We can see prices climb over 333% in a run to reach the $2.96789 level!
(Cardano) pic.twitter.com/dpBlUcOZM1
— JAVONā”ļøMARKS (@JavonTM1) October 19, 2025
Technical Analysis Points to Consolidation Phase
The price currently hovers near the 200 EMA at $0.6055. The token is positioned below the 50 and 100 EMAs, indicating medium-term resistance.
The 20 EMA sits at $0.7667, above the current price. This suggests the token faces selling pressure at higher levels.
The MACD indicator shows weak bearish momentum with the signal line below the MACD line. The RSI reading of 44.92 sits below the neutral 50 level, indicating slight bearish sentiment but room for potential recovery.
The technical setup suggests Cardano is consolidating around key support areas. A clear directional breakout has not yet occurred.
Market observers note investor rotation toward projects with established fundamentals. Cardano’s growing DeFi ecosystem includes new staking and governance features.
The network’s development approach continues to attract long-term investors. The recent price action reflects renewed interest in layer-1 blockchains focused on scalability.
