ADA Trading Volume Spikes 33% as Price Reaches Key Resistance Level

The native token of the Cardano blockchain, ADA, saw an increase in trading activity today, as the volume of perpetual futures for ADA spiked today

ADA, the native token of the Cardano blockchain, saw a huge spike in trading activity on Thursday, with volume in perpetual futures increasing by 33% at one point during the day.

According to data from CoinGlass, the volume of perpetual futures for ADA soared to over $450 million, following which the total turnover in this particular market reached new heights.

At the same time, the situation on the spot market also appeared to be quite favorable. Based on figures from CoinMarketCap, spot volume for ADA increased by 23.85% in the last 24 hours, reaching almost $350 million.

Combining the figures from both markets, the total volume for the Cardano token in this period was approximately $800 million. This translates to a turnover to market cap ratio of 5.9% for ADA, indicating a normal level of trading activity.

The spike in ADA trading activity is likely due to the token's strong price performance. In the last 24 hours, ADA’s price went up by 8.3%, reaching a key resistance level of $0.38. This price point has been crucial for ADA since 2018. After securing a listing on Binance and rising over 60% in the next two weeks, this level marked the end of that rally.

After that, it served as a key level to watch for ADA's price. If there is a breakout above it, the Cardano token could see another rally with the level turning into support. If not, then resistance and bearish bias will be stronger.

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