Cardano (ADA) surged 4.19% over the past 24 hours, trading at $0.5021, with over 1.9 million addresses now seeing profits. This rally, led by Bitcoin (BTC) breaching the $71,000 resistance, saw ADA spike to a daily high of $0.5090 from $0.4646. Despite a slight retracement, ADA remains strong, trading at $0.5021 leading up to press time.
Cardano Profitability
According to IntoTheBlock, Cardano has 4.47 million addresses, with 1.94 million holding ADA at a profit at the current price. These profitable addresses hold a combined 19.63 billion ADA coins, representing 55% of Cardano’s circulating supply.
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This profitability suggests many addresses could sell to take profits, given the current price is above their entry point. On the flip side, about 2.47 million addresses hold ADA at a loss, with a cumulative amount of around 14.89 billion ADA. Additionally, 46,090 addresses are at break-even, neither in profit nor loss.
Major Resistance Ahead
Cardano investors remain optimistic about ADA’s potential to surge to projected levels by market analysts. They speculate ADA could reach $6.66, $7.5, $7.77, or even $27 during the peak of the bull run. For ADA to achieve these targets, it must surpass significant resistance levels, including its previous all-time high of $3.10 from September 2021.
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The first major resistance lies between $0.5029 and $0.5843, where 334,620 addresses bought 3.34 billion ADA. Furthermore, the next resistance is at the $0.5843 to $0.7183 range, where 402,150 addresses purchased 6.76 billion ADA, worth $3.39 billion at the current price.
Cardano’s recent surge has led to significant profitability for many ADA holders. Despite facing resistance, the optimism among investors suggests a potential for further growth. As ADA navigates these resistance levels, market watchers remain hopeful for new all-time highs.
