- Cardano’s price rose 11% as the broader cryptocurrency market turned bullish.
- ADA advanced amid Bitcoin pushing past $94,000 and gains across major altcoins.
- Technical indicators suggest bulls could target $1 in the short term.
Cardano (ADA) has seen notable gains as most altcoins climbed during a widespread market rally. ADA joined other major alternatives in a wave of bullish momentum, rising above $0.70. On Wednesday, April 23, Cardano’s price increased by 11%.
Trading volume jumped more than 75%, surpassing $1 billion. Technical outlooks look constructive and on-chain indicators point to growing investor confidence. With positive funding rates and rising bullish bets, the key question is whether ADA bulls can push the price toward the psychologically significant $1 level.
On-chain data and ADA price outlook
On-chain metrics reveal a strong bullish bias for Cardano, largely driven by whale activity. Large holders have substantially increased their ADA balances over the past month.
The major cohorts now hold more than 12.67 billion ADA, an acceleration in accumulation that occurred as prices retraced. As whales add to positions during lower prices, investor confidence appears to be strengthening and Cardano looks primed for potential upside.
The ADA long/short ratio on Coinglass stands at 1.06, reinforcing this optimism. This is Cardano’s highest long/short ratio in over a month.
A ratio above 1 indicates more traders are betting on price increases, reflecting a bullish market sentiment.
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Funding rates also point to growing bullish momentum. ADA’s funding rate has turned positive and sits at 0.0096%, its highest level since February 22. Positive funding rates—where long positions pay shorts—typically indicate bullish sentiment because more traders expect price gains.
This contrasts with negative funding rates, which would signal bearish expectations. The current positive rate, together with rising open interest, underscores increasing confidence in ADA’s recovery potential.
Can ADA break the dollar barrier?
From a technical perspective, Cardano’s price action is encouraging. After finding support at $0.50 on April 7, ADA rallied about 21% over the following two weeks.
It now trades above the key $0.67 level. If bulls sustain momentum and clear $0.71, ADA could target the weekly resistance at $0.75, with $1 as the next major milestone. The relative strength index (RSI) around 56, remaining above the neutral 50 line, supports this bullish outlook.
Risks remain, however. A daily candle close below Monday’s low of $0.61 would invalidate the bullish thesis and could push ADA back toward the $0.50 support level.
The mix of whale accumulation, positive funding rates and supportive technicals suggests Cardano bulls may be positioning for a push toward $1, but traders should stay alert for any signs of reversal.