Cardano Quietly Rallies 32% With 14,783 New ADA Wallets Joining Network

Cardano price rose for four straight days, with weekly gains reaching more than 32%. Notably, Cardano has outperformed the rest of the top 20 cryptos by market capitalization in seven-day gains. The majority of the top 20 saw weekly gains in the range of 1% to 18%; a few exceptions include Zcash and Bitcoin Cash, which were up 20% and 23%, respectively. A few tokens in the top 20, such as Unus Sed Leo and Canton, were down weekly.

According to Santiment, Cardano price decoupled after intense FUD created rifts in its community last month.

ADA subsequently fell to $0.138 on June 25, a low last seen since December 2020. At a current price of $0.189, Cardano has risen 37% from this low. Apart from the price increase, Cardano has added 14,783 more non-empty ADA wallets since June 23.

Cardano touched $0.20 for the first time in about a month, as traders turned fear into a buying opportunity.

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Santiment noted that retail support has been one of ADA’s strongest traits even through ugly market stretches. After weeks of fear, the recent holder growth might suggest the crowd is gaining trust again.

If holder growth keeps climbing while ADA price regains $0.20, Cardano may finally be showing that last month’s fear was closer to capitulation than collapse.

What’s next?

Cardano’s price rally is currently facing a barrier at $0.20 after retreating from this level on Saturday.

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At the time of writing, ADA was up 1.73% in the last 24 hours, having given back a substantial part of its daily gains.

If the $0.20 level is surmounted, Cardano will eye $0.27 near the daily MA 200 next. On the other hand, support is envisaged at $0.138 in the event of profit-taking.

In recent positivity for the Cardano network, a green light has been obtained for the Van Rossem hard fork as all readiness criteria are satisfied. According to a July 3 update by Intersect, overall readiness status is now at 83%.