Cardano's ADA Token Reaches 2.5-Year High, Reflecting Renewed Investor Confidence

Cardano's ADA token has reached a 2.5-year high, trading at $0.93 on November 22 after an 11% daily increase.

Cardano's ADA token experienced a remarkable surge on November 22, reaching a 2.5-year high with a trading price of $0.93 after an impressive 11% daily increase. This rally adds to a massive 176% surge in ADA's price since November 5, highlighting the renewed confidence of investors in the layer-1 blockchain.

The broader cryptocurrency market also enjoyed gains, with Bitcoin leading the way. BTC reached a new all-time high of $99,502. Ethereum also saw солидный gains, trading above $3,330, while Solana and XRP exhibited strong upward movements. The total cryptocurrency market capitalization now stands at an impressive $3.28 trillion.

Analysts attribute this bullish sentiment to expectations of a more favorable regulatory environment under the administration of President-elect Donald Trump. Trump's promises to remove Gary Gensler from his role as SEC Chair have further fueled optimism among crypto investors.

Technical indicators suggest that ADA's rally may continue. Data shows that ADA's funding rates have spiked, indicating strong interest in opening long positions. Short liquidations totaled $3.17 million on November 22, with demand zones forming around $0.80, supported by the weekly 200 SMA.

Pseudonymous analyst Sssebi observed limited resistance up to $1.20, hinting at further upward momentum. Technical charts reveal that ADA has flipped key levels into support, including the 100-week and 200-week SMAs, indicating strong bullish sentiment.

As Cardano continues its impressive ascent, investors are keeping a close eye on $1.20 as the next significant milestone.