Cardano (ADA) Price Is in the Spotlight as the Prospect of the Coin Skyrocketing to a High of $10 Resurfaces

Backed by the positive shift in network activities, Cardano is now one of the most promising altcoins in the top 10 with bullish momentum

Cardano (ADA) price is in the spotlight as the prospect of the coin skyrocketing to a high of $10 resurfaces on social platforms.

While the crypto behemoth Bitcoin (BTC) has grabbed the attention of many, Cardano is now one of the most promising altcoins in the top 10 with bullish momentum as of Monday morning.

The crypto has faced a week of volatility, with the coin remaining above the $0.70 level despite the massive downturn in the market. Amid the ongoing rebound, Cardano’s price has pared off some of its losses picked up from the volatility this week.

Cardano Network Activity Sees Uptick

According to data from crypto analytics platform Santiment, an ADA whale entered the market when its price briefly jumped to $1.13.

These whales represent transactions valued at $100,000 in ADA, and this activity is the most significant for three months.

Per the accompanying chart, as of March 4, the Cardano network has recorded 1,132 whale transaction counts. The Mean Dollar Invested Age came in at 529.05. In all, the network recorded 2,671 unique $100,000 transactions as the price jumped above $1.13.

Alongside this uptick, Santiment noted that the sudden uptick in transactions worth $100,000 sparked a drop in the average age of Cardano now in wallets. This trend has an upside. It implies a jump in the number of ADA tokens in regular circulation.

Cardano Price And The $10 Prospect

At the time of writing, the ADA price was $0.9369, increasing by 9.82% in the past 24 hours. The coin has traded in a very close range, from a low of $0.7684 to a high of $0.9502.

Compared to an earlier analysis, in which the coin's price surged by 80%, the market remains pessimistic. However, the coin has the right fundamentals that might push it to a high of $10.

Beyond the retained 35% growth over the past 7 days, Cardano’s open interest has skyrocketed by over 6% in 24 hours. Per Coinglass data, the coin’s futures open interest is 905.62 million ADA, worth over $842.04 million. A sustained boost in this metric might support the quest to breach higher price levels.

ADA Price And ETF Catalyst

The onchain enhancements spearheaded by Charles Hoskinson, like the push for Cardano to track government spending and the prospect of a Cardano ETF product, also boost ADA price sentiment.

The United States Securities and Exchange Commission (SEC) has acknowledged Grayscale's application for an ADA ETF. This acknowledgment places the coin on the list of altcoins awaiting official feedback from the SEC for approval or disapproval.

Cardano, which pioneered decentralized governance with the Plomin hard fork, may be the asset to lead the next altcoin season.