Cardano super bullish! ADA coin returns to the top ten, is the founder going to cooperate with Trump?

Cardano price surges, re-enters the top ten of Cryptocurrency

After experiencing a downturn in 2024, Cryptocurrency Cardano ($ADA) saw a strong rebound in November. The ADA price soared 90.9% within a week, from $0.33 to $0.63, successfully recovering from a six-month decline and re-entering the top ten of the Cryptocurrency Market Cap. As of the time of writing, ADA is quoted at approximately $0.595, with a daily increase of 11.6%, and the Market Cap has risen to $21.289 billion.

Source: CoinGecko Cardano Token $ADA price big pump, back to 10th place in the encryption rankings

The founder collaborates with Trump, and market sentiment is high.

The big pump in the price of $ADA this time is partly attributed to market rumors that Charles Hoskinson, the founder of Cardano, may join the Trump administration in 2025 to participate in the formulation of Cryptocurrency policy. Hoskinson revealed in a YouTube live stream on November 9th that his company, Input Output, is preparing to establish a policy department in January 2025, aiming to collaborate with the US legislative bodies to promote legislation supporting Cryptocurrency. He emphasized that now is the best time for the encryption industry to gain regulatory clarity.

Although Hoskinson has not officially confirmed joining the Trump administration, he has stated that he maintains "personal friendships" with several legislators and Trump administration members, and hopes to participate in the policy formulation of the new government in 2025. The market has responded enthusiastically to this news, with investors having greater expectations for the future prospects of ADA.

Image source: Youtube. Cardano founder Charles Hoskinson revealed in a live broadcast that his company Input Output is preparing to establish a policy department to collaborate with US legislative bodies to promote legislation supporting encryption assets.

BTC drives the market, Whale's entry boosts $ADA

In addition to the rumored impact, the recent historical high performance of BTC has also brought Favourable Information to altcoins including Cardano. With BTC price breaking through $81,500, the overall cryptocurrency market sentiment has soared. According to Santiment data, Cardano's network activity has increased significantly, with a daily active Address reaching 37,892, and the value of transactions exceeding $100,000 reaching 697. The participation of large investors (commonly known as 'Whales') has increased, with the volume held by large holders reaching $11.5 billion in the past five days, indicating increased confidence in the price trend of $ADA.

Source: Santiment Cardano network activity has significantly increased, with a daily active address reaching 37,892.

Technical Analysis and Future Outlook: $ADA can continue to pump?

Technical Analysis shows that $ADA price has broken through the key downward resistance line, showing a sustained upward trend. However, the Relative Strength Index (RSI) indicates that the market is in an overbought state and a price pullback may occur in the short term. Experts predict that if $ADA can hold the support level of $0.54, it is expected to resume its bullish momentum and even reach a price of $1 in the first quarter of 2025.

At the same time, the policy initiatives actively promoted by Hoskinson, as well as the possibility of cooperation with the government, have brought more development opportunities to Cardano. If the market environment continues to improve, coupled with policy support, $ADA is expected to take a leading position in the Decentralized Finance (DeFi) industry.

Disclaimer: The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Invest at your own risk.