TL;DR

Following weeks of consolidation and price warnings from the community, Cardanos native token exploded in the past several days, registering a 30% weekly surge. A popular crypto analyst with almost 140,000 followers on X believes this could be just the beginning and envisioned a further surge to and beyond $1 if ADA breaks through a key resistance level, which is being tested now. Cardano $ADA is breaking through a key resistance level, opening the door for a rally to $0.90–$1.20! pic.twitter.com/4dj8jQfJFN

This important resistance that could hinder ADAs progress is situated somewhere around $0.74, a level the asset is very familiar with, as it managed to contain its price ascent earlier this year.

ADA managed to breach it briefly during the Friday price surge that drove it to a two-and-a-half-month high of almost $0.78, but the bears quickly regrouped and didnt allow a decisive closure above it.

In fact, the last time Cardanos token traded sustainably above $0.74 was in mid-May. Since then, the asset underwent a substantial correction that drove it down to $0.5 at one point.

Nevertheless, ADA is still the top performer on a weekly scale from the 12 largest cryptocurrencies by market cap, having gained almost 30%. Thus, it has increased more than XRP (26%) and HYPE (22%).

This impressive price surge comes just a few weeks after IOG proposed that the treasury would trade $100 million worth of ADA for BTC and stablecoins to enhance the blockchains DeFi ecosystem. The move met immediate resistance from some members, who claimed that it could lead to a more painful sell-off and price declines.

Charles Hoskinson was quick to mock the naysayers after ADA surged past $0.7 and became a top performer.

Remember when we were told that a 100 million dollar trade of ada would collapse the price? https://t.co/kYm5CKw97O pic.twitter.com/tPZiROv37i