New Cardano Wallets Surge, Analyst Says ADA Won’t Be Below $1 Much Longer

Cardano, the leading smart contract platform developed by IOHK, has seen a notable resurgence in adoption momentum over recent weeks. This revival, combined with supportive technical alignments, has analysts betting on an imminent recovery back towards the crucial $1 price level.

Industry analyst Dan Gambardello recently tweeted that – “Cardano won’t be below $1 much longer.”

Data from Cardano Blockchain Insights spotlights Cardano’s improving adoption by showcasing the huge influx of new wallets created on-chain over the past month.

New Wallet Growth Explodes Higher

According to data from the monitoring resource Cardano Blockchain Insights, there was a notable increase in new Cardano wallets. The number surged from 1,706 on February 22 to 3,227 on February 23.

While growth subsequently slowed from this initial spike, consistent network usage expansion persists according to the platform’s broader metrics. Compared to January levels, total registered Cardano wallets have climbed from 4.5 million to nearly 4.6 million as of February 25th.

Sustained adoption recovery dispels fears of users abandoning the network amid the bruising bear market. Instead, signals point to solid underlying demand supporting higher valuations.

Bullish Technicals Back Price Recovery

On the price action front, analytics platform altFINS remains firmly bullish on Cardano. Their latest analysis summary states:

“Price is in an Uptrend. Following a bullish breakout from a Channel Down pattern, price has reached our target of $0.65 for a 17% gain.”

Source: altFINS – Start using it today

With ADA successfully rallying into its next resistance zone around the $0.65–$0.68 area, altFINS awaits confirmation of either a) a decisive breakout above $0.68 to extend the uptrend, or b) healthy pullback nearer $0.46 to allow re-entry for continuation back towards recovery highs.

But critically, the existing series of higher lows and higher highs remains intact, signaling sustained buying interest exists to fuel further upside, rather than sentiment flipping negative.

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Return to $1 in Sight with Tailwinds Building

While the brutal crypto bear market dealt intense pain to ADA holders, tangible usage growth combined with Cardano’s ongoing development pipeline provides causes for renewed optimism.

With altFINS citing that ADA remains in a weekly-monthly-quarterly uptrend across all timeframes, technical and on-chain data align to suggest Cardano’s recovery may only now be getting started. A return to the crucial $1 valuation level that previously strongly supported the price appears increasingly achievable.

If adoption metrics and trading activity continue trending positively, ADA bulls have reasons to cheer for what may come next. According to the latest data, ADA is trading at $0.6256 at press time with a 6% surge in the last 24 hours.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency