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Cardano Price Experiences Sharp Pullback After Hitting 18-Month High – Is The Top In?

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The Cardano price has shown a solid performance over the past week, soaring by an impressive 48% in the last seven days. This bullish momentum has pushed the cryptocurrency to reclaim the $0.6 level for the first time in more than a year.

However, the price has been experiencing a correction since reaching the multi-month high. As of this writing, the ADA token is down by roughly 6.5% in the past 24 hours. This has left many investors with only one question – is the altcoin’s price rally over?

Behind The ADA Rally – The Main Drivers

On Saturday, December 9, the Cardano price climbed to $0.63, its highest level since June 2022. A look at various on-chain parameters and data offered insight into the catalyst of this recent price surge.

A recent Santiment report has described the growing trading volume, weighted sentiment, and social dominance as some of the major drivers of ADA’s price in the past few days. The blockchain analytics platform reported that the altcoin’s volume, sentiment, and discussion rate are at the highest levels of 2023.

Cardano volume, sentiment, and discussion reach 2023 peak | Source: Santiment/X

Specifically, the analytics platform mentioned that Cardano is enjoying renewed interest from market participants and has reentered the crypto crowd’s consciousness. According to data provided by Santiment, 4% of all crypto discussions on Saturday were related to the ADA token.

Santiment also noted that FOMO (Fear of missing out) levels surrounding the Cardano token are elevated at the moment, and the altcoin is “clearly making up for the lost time.”

Is The Cardano Price Rally Over?

A broader look at Cardano’s price action suggests that the altcoin has been on a good run for longer than a few days. According to CoinGecko data, the cryptocurrency has witnessed a 56%

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Author: Opeyemi Sule

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