Cardano's ADA Token Jumps 28% in Week, Eyes $0.30
Cardano's ADA token has seen a significant surge in price over the past week, gaining around 28% to reach $0.257. The token's value is now within reach of a Fibonacci target near $0.30 after breaking above its 200-day exponential moving average.
The recent gains follow Cardano's integration with the x402 payment standard, which allows developers to build applications and AI agents that can pay for online services using ADA and native tokens.
Network activity has strengthened alongside the price gains, providing signs that the latest move has coincided with increased use of the Cardano network. According to DeFiLlama data, active Cardano addresses climbed roughly 60% in a day, from around 14,000 to more than 22,000.
Derivatives activity also helped accelerate ADA's rally, with futures open interest reaching roughly $578 million as traders increased their exposure. Shorts accounted for more than 80% of liquidated ADA positions, adding buying pressure as bearish positions were forced to close.