Will Cardano [ADA] reach $1? – Examining KEY resistance levels ahead

Key Points

1. Top Cardano addresses are accumulating ADA, contrasting with Ethereum, where top holders are reducing exposure, indicating potential capital rotation from ETH to ADA.

2. Cardano's Accumulation/Distribution (A/D) chart shows 52.34 billion ADA traded in 24 hours, supporting the accumulation trend.

3. Total value locked (TVL) in Cardano-based protocols has reached $352 million, reflecting long-term investor confidence.

4. Spot Exchange Netflow data indicates $66 million worth of ADA moved into private wallets in the past week, reducing market supply and potentially driving prices higher.

5. Technical analysis suggests ADA could rally toward $1 if it breaks through key resistance levels at $0.8365 and $0.9373.