Cardano Surges Past $0.74 — Is a $1 Rally Next?

Cardano (ADA) climbed 3.8% over the past 24 hours, reaching $0.736, as a combination of technical breakout, Bitcoin momentum, and a high-profile treasury move from Input Output Global (IOG) fueled bullish sentiment.

On July 13, ADA broke decisively above the $0.74 resistance level—a barrier that had held since May—signaling a potential trend reversal. The breakout triggered algorithmic buying and a cascade of short liquidations, helping the price jump over 27% for the week.

According to crypto analyst Ali Martinez, Cardano is now “breaking through a key resistance level, opening the door for a rally to $0.90–$1.20.” His chart shows ADA escaping a months-long downward channel, which had constrained the asset since early 2024. The breakout marks a shift in market structure and could signal the beginning of a new uptrend.

Treasury proposal adds fuel to rally

Cardano’s ecosystem momentum received a boost after IOG proposed converting $100 million worth of ADA from the community treasury into Bitcoin and stablecoins to fund DeFi development. The controversial yet forward-looking move sparked intense debate but ultimately signaled proactive treasury management.

Charles Hoskinson, Cardano’s founder, reinforced community confidence with a mocking response to bearish critics on X, just days after the proposal. ADA held its gains post-announcement, indicating market support for the initiative.

Broader market sentiment aligns

Cardano’s breakout coincides with Bitcoin’s surge past $118,000, lifting sentiment across major altcoins. ADA’s 24-hour trading volume stood at $1.43 billion, despite a 36% dip from the prior day, suggesting a shift from speculative churn to longer-term accumulation.

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The asset’s market cap has now surpassed $26 billion, securing its position as the 10th-largest cryptocurrency by value. With a circulating supply of 35.38 billion ADA, traders are eyeing further upside if momentum sustains above the $0.74 pivot.

Outlook

If ADA maintains support above $0.74, next upside targets include $0.90 and $1.00, with resistance expected near $1.20 based on Martinez’s Fibonacci projections. A return of network activity and institutional confidence could help sustain the rally, especially if Bitcoin stabilizes above its all-time highs.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.