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The Cardano price has slumped 5% in the last 24 hours to trade at $0.952 as of 7:00 a.m. EST on a 40% plunge in trading volume to $3.22 billion.
The drop in the ADA price follows news that Cardano founder Charles Hoskinson was not invited to the White House Crypto Summit on March 7, despite ADA being included in Trump’s proposed crypto reserve.
Hoskinson confirmed he had not received an invitation and downplayed the event’s significance, arguing that real policy work happens within the legislative branch, where he actively engages in regulatory discussions.
JUST IN: #Cardano $ADA Founder Charles Hoskinson says "here are the facts: many of my people know people on the (White House) side. We did not get an invitation. I'm going to assume I have not been invited to the White House. I don't imagine much policy work will be done." 🇺🇸 pic.twitter.com/EVEZNltQ2y
— Angry Crypto Show (@angrycryptoshow) March 6, 2025
His exclusion is notable, given Trump’s recent announcement of a crypto reserve featuring Bitcoin, Ethereum, XRP, Solana, and Cardano, which he is expected to discuss at the event.
Cardano Price Breaks Out Of Bearish Channel
Cardano price has broken out of a prolonged bearish channel, signaling a potential trend reversal, with analysts eyeing $1.20 – $1.30 as the next target range.
The price reversal follows a strong bounce from the $0.59 support level, which had previously acted as a key consolidation zone. After weeks of downward pressure, ADA has managed to reclaim the $0.95 – $1.00 range, a critical psychological and technical level. If the price is sustained above this region, it could pave the way for further upward movement in the coming weeks.
ADUSDT Analysis Source: Tradingview
The breakout is reinforced by an improving Relative Strength Index (RSI) at 57.61, indicating growing buying momentum. A move above 60-65 on the RSI would further strengthen the bullish case, indicating increased investor confidence. Meanwhile, immediate resistance lies between $1.00 and $1.05, with the next major target at $1.20, a level that previously served as a strong resistance zone.
More Upside Ahead As Bulls Eye $1.20 Target
While the momentum remains bullish, a failure to hold above $0.95 – $1.00 could trigger a pullback toward $0.80 – $0.85 before another attempt at an upward push. Traders are closely monitoring volume levels and market sentiment to gauge the strength of this breakout.
With ADA now trading above its bearish trendline, the price can regain momentum and challenge higher resistance levels. The coming days will be crucial in determining whether this breakout marks the beginning of a sustained rally or if ADA will face renewed selling pressure.
Solana Investors Flock To Solaxy As Its Presale Raises Over $25.1 Million
As the Cardano price gears up for a bullish rally above the bearish channel, investors are rushing to buy Solaxy (SOLX), a Solana Layer 2 project currently in presale that has raised over $25.1 million.
Solaxy is launching a Layer 2 scaling solution that processes transactions on a sidechain before confirming them on Solana’s mainnet. This approach to transaction processing aims to ease congestion, reduce fees, and speed up transactions, solving the recent Solana network slowdown caused by the surge in SOL-based meme coins.
3/ Staking SOLX: 176% APY Rewards
Even during the presale, SOLX can already be staked with rewards of 4,377.4 SOLX per block. The returns are attractive, but remember: the more tokens staked, the lower the rewards might become.
Could this be good for long-term ecosystem… pic.twitter.com/bCKrQCQLaj
— NYC (@NgYC_87) February 24, 2025
Solaxy provides plug-and-play components to simplify app development, making it easier for developers to build on its platform. The project has made significant progress in deploying its technology, bringing it closer to its official launch.
Meanwhile, market analysts see strong growth potential for SOLX. An analyst from the 99Bitcoins YouTube channel, which has over 726K subscribers, predicts that SOLX could surge 10X after its launch.
Right now, SOLX is priced at $0.001654 and can be bought using ETH, USDT, BNB, or SOL through the official website or a crypto wallet like Best Wallet. Early investors can also stake SOLX for a 163% annual yield.
With a price increase set to happen in less than 6 hours, those interested may want to act fast to secure the best deal.
Visit the official Solaxy website.
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