Cardano ($ADA) is once more in the spotlight, as the magnified attention of investors worldwide keeps Google search volumes going to heights levels of such since its all-time peak in 2021. According to the latest update coming from TapTools, the Google Trends data shows a recent surge in global interest in Cardano. The rise in search activity, per TapTools, indicates a stirring wave of curiosity and renewed interest in the long-term prospects.
But that is just the beginning. There is a full-on rally going on in the altcoin market, with the market cap standing at 6.5% more at the time of writing. Cardano stands among the top gainers, not just because of its price action, but because demand for it is growing in one of Asia's most influential markets.
Japan has, in a surprising way, emerged as a major driving force behind Cardano's recent price rally. The ADA/JPY trading pair has catapulted to second-largest in the world by volume, surging to the $121 million-mark within 24 hours. So says Coin Bureau, which also states that this trade accounts for more than 10.7% of all trades worldwide. It is a testament to the ravenous demand for Cardano in Japan, instilling confidence in both retail and institutional setups.
Japan is famous for being a disciplined market that favors long-term trading. With such a powerful local backing, Cardano is fast earning a preferential position in arguably the most knowledgeable crypto region there is: A scenario that could deliver a very strong push to altcoin performance in the global markets.
Beyond regional enthusiasm, Cardano is mainly into the general markets. Daily trading volumes skyrocketed to the tune of 58 percent to push top-rated ADA. Parallel to this, open interest in ADA futures has been rising, indicating increased participation of derivatives traders, i.e., a forebear for real price volatility and trend continuation.
These rising parameters further strengthen market confidence in ADA's near-term performance, signaling price-breakout formation.
Recently, on the technical side, Cardano was flashing some bullish signs. On the daily chart, the coin is now poised for a major break to the upside from a long-term descending wedge. A wedge is a nifty set-up for reversal and is usually followed by significant moves higher.
Sitting at the price level of around $0.83–$0.84, the coin is currently testing the pattern's upper resistance. If this breakout is confirmed with increased volume and momentum on the upside, a target of $1.70 could come into view, extrapolated from the wedge's depth. Supporting this trend change, the altcoin has pushed above all the prominent exponential moving averages—the 20, 50, 100, and 200-day EMAs.
With the Relative Strength Index (RSI) standing at about 63.95, there is still room to go up before ADA enters the overbought territory. This means that the token may take further gains in the near term without facing a correction.
Source: TradingView
However, traders should remain cautious. If the asset fails to break above the $0.84 resistance level, a pullback toward the support zone around $0.73–$0.76 remains on the table. On the flipside, such a pullback would be viewed favorably as a healthy consolidation from which traders might consider entering — if not outright timing for a better price to buy.
Also read: Hrum Quote of the Day 23 May 2025: Reward 150 Coins
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