Cardano (ADA) is inching closer to reclaiming the $1 mark following a massive upswing. The popular cryptocurrency has rallied 9.8% in the daily charts, 29.8% in the weekly charts, 34.6% in the 14-day charts, and 30.8% over the previous month. ADA’s price has also surged by 82.7% since July 2024, as CoinGecko reveals. ADA had a rough few months amid a larger bear market. The project seems to be turning things around as we enter another bullish phase.

How Soon Can Cardano Hit $1?

ADA’s latest rally is likely due to a market-wide resurgence. The cryptocurrency market experienced a massive rally after Bitcoin (BTC) hit a new all-time high of $122,834. BTC’s big rally was likely fuelled by large institutional inflows into ETF products. Both Bitcoin (BTC) and Ethereum (ETH) ETFs have seen consistent inflows over the last month.

If the current rally continues at its current pace, Cardano (ADA) could hit the $1 mark over the next week. The asset may face some resistance at the $0.85 level. ADA tested this price level multiple times in May, without success. Breaking through the $0.85 price point could quickly propel the asset price north of $1.

Also Read: Cardano Short-Term Price Targets Just Revealed: ADA To Spike Soon?

Despite the big rebound, Cardano (ADA) is still down by 73.5% from its all-time high of $3.09. The asset peaked in September of 2021, nearly four years ago. While BTC is hitting new peaks ever so often, other assets continue to trade much lower than their all-time highs.

Cardano (ADA) could also face a correction if BTC reaches a barrier. The original cryptocurrency is driving the current market surge. BTC dropping could lead to investors booking profits. Such a scenario could lead to a market-wide correction.

How ADA performs over the coming weeks is yet to be seen. Fresh volatility could move the market in either direction.