Cardano (ADA) has been on a strong rise, reaching its highest price since March 2024. The price has gone up almost 170% from its lowest point this year. This jump is mainly because of the recent crypto market rally, with Bitcoin reaching $92,000 and the overall market value hitting $3 trillion.
The Crypto Fear and Greed Index has also moved into the “extreme greed” zone, showing that investors are very confident right now about the market. Currently, Cardano is trading at $0.753, with a 2.02% surge in market cap of $26.40 billion.
One reason for Cardano’s rise is the buzz around a possible partnership with SpaceX, the space company owned by Elon Musk. The rumors started after Charles Hoskinson, the founder of Cardano’s company ‘IOHK’, posted a photo of himself next to a SpaceX rocket.
He also mentioned a “big deal” was coming, which made many people think there might be a collaboration between them soon. To add fuel to the fire, Hoskinson even changed his X (formerly Twitter) profile picture to an image of him on a rocket.
However, it is still unclear if Hoskinson and Musk are actually working together or if these rumors will turn out to be true. Hoskinson has made big promises in the past, like plans to help improve Ethiopia’s education system, but not all of them were completed.
The rumors also grew stronger when Brandon Turp, a crypto investor, suggested that Cardano could play a big role in a blockchain-based voting system. Hoskinson also hinted that he might become a crypto advisor for a future Trump administration, but some people like BitBoy, have expressed doubts about this claim.
Meanwhile, ADA is showing signs that its price could keep rising. Based on the ADAUSD chart, the token has formed a falling wedge pattern, which typically signals a bullish move.
Moreover, the crypto has found strong support at $0.321, a level it has held since October. If ADA breaks past the resistance at $0.820, it could reach $1.
Also Read: ADA Surges Over 21% Following Hoskinson’s Intriguing Hint
