**Cardano's Surge Sparks Market Excitement as ADA Breaks Key Levels**

Cardano (ADA) is making waves in the cryptocurrency market with its recent price action igniting interest and speculation. Investors and analysts are keenly observing ADA's potential to reach new heights by mid-2025, fueled by a blend of technical and on-chain metrics that present a mixed yet intriguing outlook.

At the time of writing, Cardano's price was hovering around $0.72, following an impressive gain of over 20% in just 24 hours. This significant surge broke above its 50-day moving average at $0.39 and its 200-day moving average at $0.38, signaling strong short-term bullish momentum with buyers taking the upper hand.

The Relative Strength Index (RSI) reached 82.81, indicating that the altcoin has entered overbought territory—a situation often associated with upcoming corrections as traders might look to take profits. Cardano also tested and surpassed the critical 0.618 Fibonacci retracement level at $0.70, positioning itself for a potential climb towards the $0.80 mark, which serves as a notable resistance level.

The Moving Average Convergence Divergence (MACD) indicator further reinforced the bullish sentiment with its line rising steadily. However, maintaining this momentum will be crucial for ADA to overcome existing resistance hurdles.

On the on-chain front, data revealed promising signs of Cardano's growth. Daily active addresses surpassed 58,000 in the last trading session, reflecting increased network usage. Over the past month, the 30-day active addresses tallied up to 637,000, underscoring steady user engagement and signaling the ecosystem’s expanding adoption.

In the derivatives market, Cardano's rally has led to a surge in trading activity. Coinglass data showed a marked increase in long positions accompanied by significant short liquidations. Most of these liquidations occurred around the $0.55 level, suggesting it might now act as a robust support zone. Additionally, positive funding rates indicate traders are willing to pay a premium to maintain their long positions, reflecting bullish market sentiment.

While Cardano's recent performance and growing network activity provide a strong foundation for potential future gains, sustaining this rally will depend on continued momentum, overcoming resistance levels, and capitalizing on ecosystem growth. As with any market, caution is necessary, especially given the risks associated with over-leverage and market corrections.