- ADA price is currently at $0.7562, up by 7.18% in 24 hours, with a notable increase in trading volume.
- Analysts predict potential price targets of $1.1378, $1.3609, and $1.7743 for Cardano based on its breakout from a falling wedge pattern.
- Cardano’s founder, Charles Hoskinson, faces accusations of manipulating ADA reserves, which he has forcefully denied.
Cardano (ADA) is currently trading at $0.7562, with an increase of 7.18% over the last 24 hours. The currency also witnessed high trading volume, which increased by 97.81% to reach $1.4 billion over the past 24 hours. The price of ADA increased by an additional 6.55% over the last seven days, affirming that the market is getting optimistic about the prospects of Cardano.
This optimistic trend is consistent with analysts’ projections, who have seen a breakout from a falling wedge pattern in the chart of Cardano. This positive technical pattern, which also indicates a reversal trend from down to up, indicates that ADA can achieve spectacular prices in the coming weeks. The initial target is $1.1378, then $1.3609, followed by $1.7743. These targets translate into possible gains of 26%, 51%, and 97%, respectively, above the point of the current breakout.
The price of ADA broke the upper trendline, with increased trading volume backing it, further affirming the power of the rising movement. The presence of the 200-day moving average crossover on the chart also supports the positive trend, while analysts expect that the rally of ADA may continue through mid-May.
Cardano Could Reach $1.66 by End of 2025
In the future, analysts predict that the price of Cardano is likely to continue growing, with others forecasting that it will go past the $1.66 value by the year 2025. Generally, in the overall market, ADA is expected to surpass the record high of $3.10, likely reaching figures of $1.47 to $1.66 before heading towards the next resistance areas.
This forecast is consistent with the bullish technical setup, but with the caveat that there is always volatility in the crypto space. The power of large players, or “whales,” cannot be discounted, as whale activity, i.e., accumulating millions of ADA tokens, can have an outsized impact on the direction of the market.
Cardano Founder Accused of Moving 318 Million ADA
Although technically Cardano is in good standing, it is controversial because of the founder, Charles Hoskinson. On May 7, NFT creator Masato Alexander accused Hoskinson of manipulating reserves at ADA during the network’s Allegra hard fork in 2021. According to Alexander, Hoskinson transferred 318 million ADA tokens, approximately $225 million worth, into the reserves of Cardano, and this move happened with little notice from the community.
Hoskinson denies the claims vehemently, terming them “libel and slander,” and threatens legal action against the spreaders. He clarified that the unclaimed token movement was part of the scheduled redemption plan after seven years since the issuance of ADA vouchers. He promised to publish an audited report to rectify the redemption plan and put the claims into perspective.
The debate polarized the community at Cardano, with part of it backing Hoskinson while the rest demanded more transparency. Although Hoskinson claims no money was stolen and everything was done according to procedure, the debate goes on, pointing out the difficulties of decentralized governance and responsibility in the crypto space.
Related Reading | Sei Network Rallies in Q1 2025 with 78% Rise in User Activity