With the recent election results impacting market sentiment, Cardano (ADA) and other major cryptocurrencies have seen a significant rally, garnering attention from crypto enthusiasts.
Over the past 30 days, ADA has surged by more than 272% in upside momentum.
$231 Million Outflow, A Bullish Sign?
Despite this strong uptrend, on-chain metrics suggest that ADA is poised to continue its rally. According to on-chain analytics firm CoinGlass, exchanges have witnessed a significant $231 million outflow from ADA since November 23, 2024.
Outflows typically lead to price rallies in the cryptocurrency market, reducing selling pressure and attracting more investors and traders.
Current Price Momentum
Currently trading around $1.20, ADA has experienced a slight 2% decline in the past 24 hours. However, it reached a two-year high of $1.326 during the Asian trading session.
Moreover, trading volume has surged by 8.5%, indicating increased trader participation amidst ADA’s bullish outlook.
Cardano (ADA) Technical Analysis and Upcoming Level
Despite facing resistance near $1.25, experts believe that breaching the $1.30 level could fuel a 32% upside momentum for ADA in the near future.
Historically, ADA tends to consolidate before a significant upside rally after breaking resistance levels. Whale interest and confidence in the token hint at potential bullish momentum.
Geopolitical Uncertainty
However, today’s declaration of emergency martial law by South Korean President Yoon Suk Yeol has led to a sell-off in assets. If this downward trend continues, ADA’s bullish outlook could be jeopardized.
