- ADA surged 10.28% in a day, pushing its market cap above $24.3 billion.
- Technical signals point to bullish continuation with all major EMAs flipped.
- Institutional interest rises after the Reeve launch and rising ETF approval odds.
Cardano (ADA) registered a massive 24-hour market cap gain of $1.8 billion. The token now trades at $0.6875, having recorded a 10.28% daily gain and a 15% weekly gain.
As ADA’s market cap reaches $24.33 billion, the activity has picked up pace, as evidenced by CoinGlass records indicating a 34.57% rise in volume, taking the 24-hour count to $2.71 billion. Open interest also registered a 7.59% rise, to a total of $1.05 billion, indicating increased interest from both retail and institutional investors.
This surge comes as the market trends shift. Investor sentiment seems poised heading into potential ETF releases and new utility announcements related to Cardano’s native ecosystem.
The combined increase in market cap, volume, and open interest is reinforcing bullish momentum that started building earlier this week.
Also Read: Cardano Gains Strength as Next Crypto to Hit $1 Amid Key Breakout
Cardano Enters Bullish Phase After 200-Day EMA Breakout
Cardano’s latest breakout has pushed all major exponential moving averages to the other side as zones of support. All the 20, 50, 100, and 200-day EMAs, which were bunched up between $0.608 and $0.685, have now been surpassed. The break above the 200-day EMA at $0.685 is of particular significance, commonly regarded as a long-term trend reversal catalyst.
Momentum indicators are also in sync. The Relative Strength Index is currently at 65.66, which indicates a bullish area without approaching overbought levels. The MACD line (0.017) has gapped above its signal line (0.004), while increasing histogram bars show buying strength continues to gather pace.
Accumulation signals are still robust, meanwhile. The Accumulation/Distribution line continues stable around 12.2 billion, indicating whales and institutions are resisting sellers.
The Awesome Oscillator changed to green at 0.014, while the Chaikin Money Flow jumped up to 0.24, generally a signal of strong capital inflow and buying accumulation.
Reeve Launch and ETF Odds Shift Sentiment
Apart from the technicals, Cardano’s current advancements have contributed to the bullish interest. On-chain prediction platform Polymarket now indicates an 89% likelihood of Cardano ETF approval during the year.
This is a record-level odds and may be catalyzing speculative inflows among investors looking forward to institutional access through regulated products.
Adding further impetus to sentiment is the new release of Reeve, the Cardano Foundation’s open-source financial reporting system. Built as a bridge between ERP systems and blockchain infrastructure, Reeve sees the introduction of tamper-proof, transparent data exchange for financial reporting.
Also Read: Cardano (ADA) Dominates X with Over 2.5 Million Mentions This Week: Here’s Why
