Cardano on blue steam, up 152% this month

Cardano posted huge upsides as buyers increased their exposure on the proof-of-stake smart-contract blockchain. The altcoin surged by about 10% on the last day. Binance data shows that the price is the highest since May 2022. The coin has increased by 20% this week, bringing the total gain for the month to 152%.

More than $3 million in short liquidations and $1.04 million in long liquidations boosted ADA’s rally on Friday.

Today’s price action shows that ADA/USD attempted to halt a multiyear downward trend. The daily chart displays the 50-week SMA embracing the multiyear descending trend line at $0.48. Notably, the 100-week and 200-week SMAs at $0.408 and $0.759 levels, are among the important levels ADA flipped into support during its most recent rally.

ADA is currently the tenth-largest digital asset in the world, valued at $31 billion. The crypto community’s expectation that Trump’s administration will create a more crypto-friendly regulatory environment is another significant factor influencing this performance. Gary

Gensler, the chair of the Securities and Exchange Commission (SEC), resigned in January. The fact that 20 coincides with the inauguration of US President-elect Donald Trump seems to have contributed to the bullish sentiment.

Cardano’s bullish momentum was triggered by whales, who held more than $10 million in the token. According to Tagus Capital, whales currently hold over $12 billion in ADA. On-chain activity confirms the participation of whales and institutions, indicating that this rally might be robust. In roughly two weeks, the number of significant transactions involving ADA has increased by 300 percent, according to data from IntoTheBlock.