Cardanos Journey to an 8500 Return Can ADA Reach 31

CoinWorld reported:
Cardano faces a critical resistance at $0.374, with the potential for a significant breakout to $0.450.
Increased trading volume, social dominance, and open interest indicate a growing bullish momentum.
Cardano [ADA]
is poised for a potential explosive rebound, with analysts predicting a price surge of 8500%, potentially pushing the price to $31.
The question is: Can ADA break through the key resistance and trigger a large-scale rally?
Can ADA break through the key resistance?
As of the time of writing, ADA is trading at $0.3697, up 4.38%, indicating a shift in momentum. On the daily chart, Cardano is approaching the critical resistance level of $0.374, marked by the upper Bollinger Band.
If ADA can close above this threshold, it may initiate the next leg up, with the next major resistance at $0.450.
Furthermore, as of the time of writing, the RSI is at 60.23, indicating there is still room for upward movement before ADA becomes overbought. Therefore, breaking through these levels could signify the beginning of a larger rebound.
Is momentum strengthening?
Trading volume provides another strong momentum signal. Cardano’s trading volume surged by 10.47% to $332.3 million, indicating a significant increase in market interest.
Typically, a spike in trading volume precedes substantial price fluctuations, which is a key factor for ADA’s potential breakout.
If this trend continues, the combination of increased volume and rising prices may confirm that buyers are ready to accept higher ADA.
What does ADA’s social dominance mean?
Meanwhile, Cardano’s social dominance (0.72% at the time of writing) offers valuable insights into its market share.
Although it has not yet peaked, historical charts show that ADA has gained social traction during key price movements.
A significant surge in social discussions often coincides with substantial price increases.
Thus, if ADA’s social dominance begins to rise, this could indicate the start of another significant price increase driven by broader market interest.
Are the bulls in control?
In addition to social indicators, Cardano’s open interest (OI) has increased by 5.02% to $215.91 million, reflecting heightened speculative activity.
As open interest grows, it typically indicates an increase in positions, suggesting that traders expect ADA’s price to rise.
Read
Cardano’s [ADA] Price Prediction
2024–2025
With increasing trading volume, enhanced social dominance, and rising OI, the stars may align for ADA.
However, breaking through the key resistance level remains crucial for confirming a sustained rebound. If ADA successfully breaks through these levels, it could indeed achieve explosive gains