Cardano May Reclaim $1 If History Plays Out Again

Cardano (ADA) is in the spotlight as it has managed to sustain its growth trend over the past seven days. With the current pace, the top altcoin is on track to breach a key historical growth milestone. Data from Cryptorank shows that the top coin is likely to close this month as the best over the past four years.

Cardano price and historical trend

At press time, the price of the top coin has jumped by 2.32% in 24 hours to $0.8220. Per data from Cryptorank, Cardano has now rallied by 19.8% month-to-date (MTD). 

You Might Also Like

This growth rate is better than the average uptick of 9.27% that ADA has registered since its inception. In May 2022, the coin fell by 17.5%, recording a 5.6% increase the following year. However, it buckled in May 2024 with just a 1.36% uptick.

The current price outlook shows that the coin is looking to surpass the 55.3% growth it registered in May 2020. If this trend continues, the Cardano price may again surpass the $1 milestone.

As seen over the past few days, the $1 mark remains a key resistance level for the coin as ADA is now under intense pressure.

ADA triggers to watch

Beyond the historical trend, Cardano also has an active open interest market that is widely adopted on the futures market.

You Might Also Like

ADA investors are generally profiling the next major catalyst that can drive the coin’s price, or at best, help it maintain its current growth trend. The push for an ADA ETF is one of the core products likely to shift sentiment in the long term.

As regulation is improving under the current setup of the U.S. Securities and Exchange Commission (SEC), Cardano ETF approval can set the coin up for institutional adoption in the U.S., ultimately driving its price.