- Cardano’s price jumped nearly 170% from this year’s lows, amid strong market sentiment.
- Rumors of a SpaceX partnership and blockchain voting fueled Cardano’s recent rally.
- Cardano shows bullish technical signals, trading above its 50-week and 200-week averages.
Cardano’s price has surged to new heights, with ADA reaching a key resistance level, as rumors swirl about a potential collaboration with Elon Musk’s SpaceX. The speculation has fueled excitement within the crypto community, contributing to a price increase that marks its highest point since March 2024.
As the price climbs, ADA has gained nearly 170% from its lowest point earlier this year, solidifying its position as one of the leading layer 2 tokens in the market.
Cardano’s recent surge is partly attributed to the ongoing crypto bull run, which has seen Bitcoin soar to $92,000 and the overall market cap of all cryptocurrencies surpass $3 trillion. This positive sentiment is reflected in the crypto fear and greed index, which has jumped to 83, signaling extreme greed.
However, rumors about a potential partnership between Cardano and SpaceX have captured the attention of investors and enthusiasts alike.
The speculation reached new heights after Cardano’s founder, Charles Hoskinson, posted a picture of himself standing next to a SpaceX rocket. He also changed his X profile picture to one featuring him on a rocket, further fueling rumors. While there is no official confirmation of any discussions between Hoskinson and Musk, these actions have sparked curiosity.
However, skeptics point out that Cardano’s developers have faced challenges in the past, such as the failure to deliver on plans related to Ethiopia’s education system.
From a technical perspective, Cardano shows strong potential for further gains. ADA has formed a falling wedge pattern, a bullish reversal signal, on the weekly chart between March and October.
Additionally, the token has found strong support at $0.307, a level it has not breached since September. With ADA now trading above its 50-week and 200-week moving averages, the chart suggests a bullish outlook for the near term.
Along with the SpaceX rumors, Cardano has also gained attention due to speculation that it will play a key role in blockchain-enabled voting systems. Brandon Turp, a crypto investor, hinted that Cardano could become a significant player in this space, further driving interest in the network.
Hoskinson has also made headlines by suggesting that he could serve as a crypto advisor in the Trump administration, a statement that has drawn mixed reactions from the community.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
