The crypto markets have entered an extreme greed phase, with the majority of the tokens gaining momentum. The bitcoin price soared above $44,000 after holding itself above $43,500 for a couple of days. This suggests a growing strength among the bulls, which may eventually trigger a fine upswing in the coming days. In the ocean of tokens, Cardano managed to grab attention as the ADA price has surged heavily and has become the top gainer with more than a 25% jump in the last 24 hours.
The ADA price is known for its slow yet steady pace, which has prevented the token from undergoing a steep upswing even though the markets were under bullish influence. However, the outline for the upcoming trade appears to have changed as the traders have become more active on the network, which may further contribute towards a healthy upswing. The on-chain data indicates a remarkable rise in the daily active address, which has hit quarterly highs.
The daily active address suggests the trading activity of the market participants, regardless of whether they are performing a buy or a sell trade. A steep rise in activity indicates that traders are becoming optimistic about the token, which may have a positive impact on the value of the crypto. Alongside, the unique address count, which had lost the plot, has also seen a healthy rebound. This suggests a rise in buying volume, as prices have been constantly on the rise since the beginning of the month.
Besides, the social dominance of Cardano is rising as more discussions have been recorded in the past few days. These factors have led to a massive rise in the ADA price, which is now closer to testing one of the pivotal resistances at $0.6. The token appears to have recovered from the loss incurred post-FTX debacle, and hence the bulls are expected to manifest acute strength to push the price towards the next resistance at $0.8.
As the ADA price has reached levels that have not been visited since August 2022, a minor pullback may be expected. But the bulls appear to be self-assured to keep up the bullish momentum and hence may eventually propel the Cardano price beyond $0.8 after testing the interim resistance at $0.6 initially and later at $0.685.
