Altcoin News: Why Is Cardano (ADA) Price Up Today?

Cardano's ADA surges over 10% in 24 hours, driven by increased network activity, DeFi expansion, and bullish momentum. Discover key factors behind ADA's rise.Cardano Gains Momentum as ADA Targets $1.20Cardano (ADA) is on a bullish trajectory, rising over 10% in the past 24 hours to trade at $1.15, a multi-year high. This follows a 250% rally month-to-date, positioning ADA as a standout performer in November.Several factors are fueling ADA’s price gains, including increased network activity, technological advancements, and broader crypto market bullishness.Key Drivers Behind ADA's Rally1. Launch of Zero-Knowledge (ZK) Smart Contracts Cardano achieved a significant milestone with the successful deployment of zero-knowledge (ZK) smart contracts on its mainnet. Using Halo 2 zk-SNARK technology, this development promises enhanced scalability and security for the blockchain.The feature allows complex transactions to be simplified into smaller, verifiable components, marking a breakthrough for Cardano's DeFi ecosystem.2. Rising Total Value Locked (TVL)TVL Growth: Cardano’s TVL surged 200% in November, reaching a record high of $598 million, according to DeFiLlama.Leading Protocols: Projects like Indigo (TVL +154%) and Minswap (TVL +113%) are driving increased user activity and demand for ADA tokens.3. Network Activity and Bullish MomentumThe ADA/BTC ratio hit a nine-month high on Nov. 23, climbing 148% from its 2022 low. This reflects Cardano’s relative strength against Bitcoin, supported by heightened user engagement and robust market sentiment.Technical Indicators Favor Continued Gains Ascending Parallel ChannelADA is trading within an ascending parallel channel, maintaining higher highs and higher lows. The pattern’s support at $0.96 and resistance at $1.20 suggests further upside potential.Bullish CrossOn Nov. 24, a bullish crossover of the 100-day SMA above the 200-day SMA provided strong upward momentum, pushing ADA toward its current levels. This signal remains intact, reinforcing ADA’s bullish outlook.Future Price Targets If bulls maintain ADA’s position within the channel:Immediate Target: $1.078 (middle boundary).Next Target: $1.20 (upper boundary).Cardano’s Uptrend Remains Strong ADA’s price gains are underpinned by technological advancements, increased network activity, and a favorable technical setup. With bullish momentum intact, Cardano appears well-positioned to challenge higher price levels in the coming days.