A Move Towards $1: Cardano Hits Yearly High as Bulls Move to Retest History

Cardano (ADA) has hit a new yearly high after recording a massive upsurge of over 70% in the past month, a performance that is igniting the question of whether a move toward $1 in the short term is feasible.

At the time of writing, Cardano’s spot market price is $0.6483 after jumping by 5.93% in the past 24 hours. As part of its rally, Cardano moved from a low of $0.6099 to a 12-month high of $0.6755.

Cardano opened the year with a low price of $0.2304, and it recorded an unpredictably wavy motion that saw it soar as high as $0.4518 on April 17. From this level, it fell drastically back to $0.2469 in mid-October.

The Cardano Bullish Renaissance 

After this immense drawdown, the true Cardano renaissance began as the coin soared non-stop to the yearly peak on record today. 

In the past month, Cardano has seen an impressive embrace in many of its core ecosystem units, especially concerning its top Decentralized Exchange (DEX), Minswap.

Minswap has recorded a 26,000% growth over the past month, effectively helping to usher in a new hoard of users into the Cardano ecosystem.

Besides Minswap, JPG Store, the top Non-Fungible Token trading platform on Cardano, also welcomed 16,540 addresses in the trailing 30-day period.

The attractiveness of Cardano hinges on its sustained developmental efforts despite the regulatory gloom ignited by the US SEC when it named the coin security alongside a host of other tokens in its epic lawsuits against Binance and Coinbase.

Is Cardano’s Road to $1 Clear?

Cardano has grown 158.51% Year-to-Date (YTD). Having surmounted its most difficult challenges, the possibility of retesting the $1 price level in the coming weeks/months appears high.

However, predictions from crypto exchange Changelly maintain different reasoning. Even though the bullish momentum to steer a bull run is set, Changelly is not expecting the retest of the $1 level until June 2025. 

The crypto market boasts immense fluctuations, and the trends can change either in favor of Cardano or against it.