TLDR
- Cardano broke past $0.60 recently but has shown inconsistent price movement
- ADA surpassed Ethereum in core developer activity with 21,439 GitHub commits
- Technical analysis suggests similarities with patterns before 2021’s 450% price increase
- Strong accumulation with $379 million in ADA bought over seven weeks
- Despite Charles Hoskinson’s $10 prediction, analysts debate whether $1 is a realistic near-term target
After breaking the $0.60 resistance level, ADA has shown signs of potential growth while remaining in a consolidation phase that experts are watching closely.
The cryptocurrency currently trades around $0.70, holding what some analysts call a key support level. Technical analysis reveals intriguing similarities with patterns observed before Cardano’s explosive 2021 rally, when it reached an all-time high of $3.10.
Cardano $ADA approaching the HUGE resistance level at $0.75
It was denied the last 5 times, 6th time lucky?? pic.twitter.com/ONnFFhDHUL
— Trader Edge (@Pro_Trader_Edge) April 29, 2025
Looking at the weekly chart, ADA broke through an important resistance zone in November. Since then, it has been testing this former resistance as a support level – mirroring the pattern that preceded its 4000% increase in 2020-2021.
This technical resemblance has some analysts projecting a potential 450% increase from current levels if history repeats itself.
Fundamentally, confidence in Cardano appears strong based on accumulation data. According to Coinglass, there has been substantial buying for seven consecutive weeks, totaling $379 million in ADA purchases.
This accumulation represents about 1.7% of Cardano’s total market capitalization of $22 billion. For context, during a comparable phase in 2020, only $9.57 million was accumulated – making current buying pressure nearly forty times higher.
Development Activity Surges
After years of criticism as a “ghost chain,” Cardano has overtaken Ethereum to claim the top spot in core developer activity.
Data from Cryptometheus shows Cardano recorded 21,439 GitHub commits across 550 core repositories over the past year, compared to Ethereum’s 20,962 commits.
This activity spans 12 core projects, with the broader ecosystem buzzing with 36 projects and 4276 GitHub repositories. These metrics effectively counter previous claims that Cardano lacks utility or development momentum.
The derivatives market also shows positive sentiment toward ADA. The Open Interest Weighted Funding Rate sits at 0.0086%, indicating a preference for long positions among traders who anticipate further price increases.
However, not all indicators are bullish. Cardano’s network fees have declined 52% over the past three months, now at just $8,100 – potentially signaling reduced transactional usage on the blockchain.
Volume metrics also show cooling interest compared to earlier this year. While ADA saw volume exceed $1.8 billion during a February price spike to $0.80, current volume hovers around $640 million with much less market excitement.
Some analysts believe the current technical conditions could trigger a significant rally. Pseudonymous analyst Token Talk suggests ADA could surge up to 100% in this cycle, potentially reaching $1.20-$1.30.
Looking further ahead, more ambitious projections place ADA at $10 by 2029, though such long-term forecasts remain highly speculative.
Currently, about $20 million worth of ADA is leaving exchanges, often interpreted as a bullish signal as coins move to private wallets for holding rather than trading.
Cardano is also expanding its ecosystem partnerships, including progress toward XRP integration for its Lace Wallet, which could bring mutual benefits to both networks.
For the remainder of Q2, analysts remain divided on whether ADA can reach the $1 mark. While Charles Hoskinson maintains bullish long-term predictions, the short-term price action suggests consolidation may continue without dramatic movement.
