Cardano price prediction: are ADA bulls about to reclaim $1?

• Cardano price rose 11% as the broader cryptocurrency market flipped bullish.
• ADA rallied as Bitcoin broke above $94k and top alts jumped.
• The technical picture suggests bulls could eye $1 in the short term.

Cardano (ADA) price is up as most altcoins gain amid a broader cryptocurrency market uptick.

ADA price has joined other top alts in riding a wave of bullish momentum, with its value climbing to above $0.70.

On Wednesday, April 23, Cardano’s price recorded an 11% surge. Volume rose more than 75% to over $1 billion.

The technical outlook is promising, and on-chain metrics point to growing confidence among investors.

With positive funding rates and increasing bullish bets, the question is whether ADA bulls can push the price back to the psychologically significant $1 mark.

On-chain data and ADA price outlook

On-chain data reveals a strong bullish bias for Cardano, driven by whale activity.

Whales have added to their ADA holdings significantly in the past month.

Major cohorts now hold over 12.67 billion, an accumulation spree that has come amid the latest price dip.

As whales capitalize on lower prices, boosting investor confidence, Cardano looks poised to explode.

Further supporting this optimism is Coinglass’s ADA long-to-short ratio, which stands at 1.06.

This is Cardano’s highest long-to-short ratio in over a month.

A ratio above one signals that more traders are betting on price increases, reflecting bullish market sentiment.

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