The price of Cardano (ADA) rose by more than 8% in the last two days, as the crypto market recovers from recent lows.
Cardano traders are anticipating a breakout in ADA price from present levels as audience sentiment becomes optimistic for the first time since mid-November.
The price has gained approximately 2% in the last 24 hours and is trading at $0.95.
Cardano (ADA) Price creates strong positive sentiment
On-chain data analytics platform Santiment stated in a tweet that there is positive sentiment building up in Cardano’s price at current levels. After the recent price surge, the Cardano (ADA) Weighted Social Sentiment has jumped to positive levels from FUD levels, indicating that the ADA price will continue to rise.
Despite a continuing drop in the ADA price from its all-time high of $3.10, Cardano’s traders believe the ADA price is currently oversold and could rise to above $1.20.
“Cardano has enjoyed a modest +6% price rise in the past 24 hours, and traders have been itching for the 9th market cap ranked asset to break out. Crowd sentiment toward ADA currently sits at the most positive levels since mid-November.”
Moreover, as Cardano DApps wait for the Vasil hard fork in June, Cardano founder Charles Hoskinson and many analysts expect a significant surge in the Cardano (ADA) price. On April 18, the total ADA stake reached 76%, giving the Cardano community further reason to be optimistic.
Cardano’s Projects and Wallets Have Hit All-Time Highs
Nearly 900 projects are now in progress on Cardano, with about 400 new projects added since March. Furthermore, Cardano wallets are rapidly increasing, with over 100,000 created since last month. The total number of wallets now stands at 3.26 million.
With the increase in projects and wallets, the 9th largest cryptocurrency could see a modest price increase in the future. Increased interest in proof-of-staking blockchains has helped the token ahead of Ethereum’s big shifts later this year.