Cardano Breaks $1 for First Time Since 2022

Bitcoin has led the cryptocurrency market during "Moonvember," a traditionally optimistic month. Cardano's price performance this week is one of the finest in recent weeks.
After two years below the psychological threshold, the ninth-largest cryptocurrency has returned to $1. Given its recent momentum, investors are wondering when Cardano will recover to its all-time high price.
ADA Investors Profiting—Price Impact
Blockchain analytics startup Santiment posted on-chain Cardano pricing information for the week on X on November 22. Price data shows that the ADA token's market value has quadrupled in 17 days, reaching $36 billion.
Cardano reached $1 for the first time since April 2022 late Friday, November 22. This price accomplishment shows the altcoin's strong bullish momentum in recent weeks, beating virtually all top ten cryptocurrencies.
As expected, this fast price spike led to massive profit-taking, with Santiment reporting the largest trader profit in over eight months on Friday. The on-chain business reported $165 million in ADA sales.
This selling may hurt Cardano's price in the near run. As token prices climb, investors will distribute, but a protracted pattern of profit-taking among ADA investors might stop the advance.
Cardano talks on social media peaked on Friday, hitting their highest level since December 2023. This indicates good attitude toward the cryptocurrency, but increased social media debates may indicate FOMO among investors.
Crypto markets historically go against the herd. Thus, the ADA crowd's FOMO may cause a Cardano price drop.
Cardano Price Overview
In the last 24 hours, Cardano has risen over 35% to $1.1.
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