Cardano (ADA) price remained stable throughout the week but positive sentiment is increasing, possibly leading to an upside rally.
On-chain analytics firm Santiment reported that ADA has the highest positive sentiment on social media, boosted by the SEC classifying ADA's use case as 'smart contracts for government services.'
Technical analysis suggests that if ADA breaks out of its current consolidation between $0.69 and $0.75 and closes above $0.76, it could surge 12% to reach $0.85.
Traders are over-leveraged at both $0.715 and $0.75, indicating bullish sentiment and potential support for ADA's rally.